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Friday, September 11, 2015

Pico Petroleum exits fuel, c-store biz

Source: Petrol Plaza
By Daniel Infante Tuaño

Pico Petroleum and its parent Westex Capital LTD have left the petroleum business in south Texas after selling its 26 convenience stores, fuel plants, and propane storage yards to various buyers, reported CSP Daily News.

The multi-tiered sale of all the assets of Westex Capital and partner Bohica Investment LTD, which include Shell, Valero, and unbranded stores, was completed on September 8, according to the company’s exclusive financial advisor NRC Realty & Capital Advisors LLC.

In March, its three convenience stores with gas pumps in south central Texas was sold to Farid Meghani.

Fifteen more convenience stores with gas in and around the San Antonio market were sold in the following month--eight were sold to a Sunoco subsidiary and seven were purchased by Maxey Family Limited Partnership.

In June, its Shamrock convenience store with gas located in Boerne, Texas, was sold to Charles Reichenau.

And at the end of August, one unbranded convenience store with gasoline in Poteet, Texas, was sold to Karman Partners LLC and six stores located in and around the Midland and Odessa market were purchased by WTG Fuels Inc., a wholly owned subsidiary of West Texas Gas.