“Coordinating two deals at once—one with Offen Petroleum and one with Casey’s—was no small undertaking, and I truly appreciate the efforts of Paul Reuter, Denny Ruben, Jake Johnson and the rest of the NRC team in making sure that both transactions proceeded smoothly and on schedule.”
– Bill Douglass
Chief Executive Officer | W. Douglass Distributing, Ltd.
Assets
22 high quality company-operated Lone Star Food Stores located within a 60-mile radius of Sherman, Texas, 20 of which were owned by the company in fee and two of which were leased from third parties. All of the stores sold Valero-branded gasoline. Lone Star Food Stores was recognized by CSP as the national winner of their Mystery Shop challenge, beating out competitors such as Kum & Go and QuikTrip.
Engagement
NRC was engaged by the company and its affiliates to conduct one or more private confidential sales for both the Lone Star Food Stores and the company’s extensive wholesale fuel and related businesses, all of which are based in Sherman, Texas. NRC determined that, in light of the variety of businesses being conducted by the company, it was best to conduct two parallel sale processes—one for the Lone Star Food Stores and another for the wholesale fuel and related businesses. Bill Douglass has been a legend in the convenience store industry for the past 40 years, and he was awarded the national Convenience Store of the Year and served as Chairman of the National Association of Convenience Stores. There was a great deal of interest in the Lone Star portfolio, and there were several bids which were extremely competitive. At the end of the day, Casey’s General Stores Inc. was the successful bidder, and saw the Lone Star stores as the ideal platform to enter the Texas market.