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 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.
- Westex also completed the sale of the fuel and propane distribution business at the end of August. Pico Propane Operating LLC purchased 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.
“NRC came up with creative solutions that proved highly efficient and successful, allowing us to clear the market on all of the company’s assets within a reasonable period of time,” Kusenberger said. “In addition, NRC provided invaluable assistance on legal and environmental matters, which served to reduce our costs of the transaction and our potential liability.”
“We were honored to have been able to represent the Kusenberger family in the sale of its retail and fuel/propane distribution business,” said Dennis Ruben, executive managing director of NRC. “The Kusenbergers built an amazing network of retail stores and a fuel and propane operation in Texas, and had loyal customers for many years. We were pleased that we were able to arrive at strategies that allowed all of the retail and fuel/propane assets to be sold to qualified buyers within the desired timeframe.”