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Tuesday, September 8, 2015

Pico Petroleum/Westex Capital Exit Fuel Business, Sell 26 C-Stores

Source: CSP Daily News

DEL RIO, Texas -- Pico Petroleum and its parent company Westex Capital LTD have sold its 26 convenience stores, as well as its bulk fuel plants and propane storage yards to multiple buyers, effectively exiting the petroleum business in south Texas.

NRC Realty & Capital Advisors LLC announced the completion of the multi-tiered sale today of substantially all of the assets of Westex Capital LTD and partner Bohica Investment LTD of Del Rio, Texas. The assets consisted of 26 convenience stores in several markets in South Central and West Texas, as well as a fuel and propane distribution business with six bulk fuel-plant locations and five propane storage yards.

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, Texas, 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, Texas, 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.

NRC acted as exclusive financial advisor to Westex and its affiliates in connection with the sale.