Tuesday, November 8, 2016
NRC, Petroleum Equity Group Form Alliance
Will combine resources, services on select projects in c-store, petroleum industry
Source: CSP Daily News
CHICAGO -- NRC Realty & Capital Advisors LLC and Petroleum Equity Group Ltd. have announced a strategic alliance to provide joint real-estate and financial advisory and other services to owners and operators in the convenience-store and gas-station industry.
“Over the past few years, the companies have mutually admired the quality of work they independently produce, and we thought that this was the right time to co-develop future business,” said Ken Shriber, managing director of Petroleum Equity Group. “By combining resources on selected projects, we believe that together we can deliver even greater opportunities and improved services to clients.”
Petroleum Equity Group and NRC most recently worked together on Western Convenience Stores’ emergence from Chapter 11 bankruptcy in August 2016.
“We have great respect for the work that Petroleum Equity Group has done since their inception in 2008,” said Dennis Ruben, executive managing director of NRC. “We at NRC believe that our two companies complement each other particularly well and that by offering our combined services to our clients in certain unique situations, we will be able to provide superior service and added value to existing and new clients.”
Chappaqua, N.Y.-based Petroleum Equity Group is a full-service advisory company to the downstream fuels and convenience-store industry, providing merger and acquisition (M&A) services and support, business assessment and valuation analysis, financing and related services. It has worked with major and regional oil companies such as Shell/Motiva, ExxonMobil, Sunoco, Hess and Gulf; chain operators such as Cumberland Farms, Speedway and 7-Eleven; and jobbers across the United States, with a concentration on the East Coast.
Chicago-based NRC provides real-estate and financial advisory services to the convenience-store and petroleum industries and specializes in the accelerated sale of commercial and residential real estate. Its experience in the c-store arena includes portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and M&A advisory services. Since its inception in 1989, NRC has sold more than 15,000 properties. Clients include BP, Shell, Sunoco, 7-Eleven, CST Brands and Circle K.