Tuesday, September 8, 2015
'Complicated' Sell-Off Splits Up Westex Assets
26 Pico Petroleum sites, distribution assets sold off in seven separate deals
Source: CSP Daily News
DEL RIO, Texas -- It took six months and seven deals, but convenience-store operator and fuel dealer Westex Capital Ltd. sold substantially all of its assets to multiple buyers, the company announced today.
“The sale of the assets of Westex and its affiliates was very complicated,” said CEO Robert Kusenberger Jr. “It quickly became obvious that we would not be able to find a single buyer for all of the retail and fuel/propane distribution assets.”
Instead, the properties were split up among seven different buyers, including Sunoco LP and Westex Capital’s own subsidiary Pico Propane Operating LLC, as reported in a 21 Century Smoke/CSP Daily News Flash.
Westex Capital’s history goes back to 1986, when two business partners Dr. Alvaro Lebrija and Robert C. Kusenberger Sr. acquired Westex Petroleum of Del Rio, Texas. Westex then acquired Pico Petroleum with the expressed intent of becoming a leader throughout West-Central Texas in the fuel distribution industry.
In December 1998, Robert Kusenberger Sr. acquired the interest from Lebrija, and Westex Capital Ltd. was born. Bohica Investment Ltd. was a more recent partner in the company, which began marketing its properties for sale early this year.
The assets consisted of26 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. NRC Realty & Capital Advisors LLC, Chicago, 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. As previously reported, Stripes will operate the stores, and it will purchase all of the fuel sold at the locations from Sunoco LP. Six of the eight sites were branded Valero at the time of the sale.
- 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 bra