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Tuesday, September 8, 2015

Westex Capital Completes Assets Sale

Source: Convenience Store Decisions
By CSD Staff

NRC Realty & Capital Advisors LLC assists in the sale of 26 convenience stores.

Del Rio Texas-based Westex Capital LTD and Bohica Investment LTD have completed the sale of 26 convenience stores in several markets in South Central and West Texas.

The asset sale also included a fuel and propane distribution business with six bulk fuel plant locations and five propane storage yards. The six bulk plants are located in Del Rio, Uvalde, Carrizo Springs, Boerne, Kenedy and Floresville, Texas. The five propane storage yards are located in Floresville, Smiley, Bandera, Castroville and Pearsall, Texas.

NRC Realty & Capital Advisors LLC acted as exclusive financial advisor to Westex and its affiliates in connection with the sale.

In March, NRC completed the sale of three convenience stores with gasoline located in South Central Texas to Farid Meghani. Two of these stores are unbranded and one is branded Valero. In April, NRC completed the sale of eight convenience stores with gasoline located in and around the San Antonio market to a wholly-owned subsidiary of Sunoco LP. Six of the eight sites are branded Valero. Also in April, NRC finalized the sale of seven convenience stores with gasoline located west of the San Antonio market to Maxey Family Limited Partnership. Six of these stores are unbranded and one store is branded Shell. In June, NRC concluded the sale of one convenience store with gasoline, located in Boerne, to Charles Reichenau. The store is branded Shamrock (an affiliate of Valero).

At the end of August, NRC completed the sale of one unbranded convenience store with gasoline, located in Poteet to Karman Partners, LLC, as well as the sale of six stores to WTG Fuels, Inc., a wholly-owned subsidiary of West Texas Gas. These assets included six convenience stores with gasoline located in and around the Midland and Odessa market. Five of these stores are branded Shell and one store in Alpine is unbranded

The sale of the fuel and propane distribution business was also completed at the end of August. The business, which included six bulk fuel plant locations, five propane storage yards, nine transport/tanker trucks and 19 refined fuel bobtails and 16 propane bobtails, was sold to Pico Propane Operating, LLC.

“We were extremely pleased with the services provided by NRC. The sale of the assets of Westex and its affiliates was very complicated and it quickly became obvious that we would not be able to find a single buyer for all of the retail and fuel/propa