Before too long, you won’t be hearing the phrase “Friendly-Clean-Texas” to describe a local convenience store chain.
The corporate owner of Rattlers is selling to the fuel provider of Stripes stores.
The president of Kolkhorst Petroleum, Jim Kolkhorst, says the sale to Sunoco of Corpus Christi could be completed in June.
The sale also includes Kolkhorst’s wholesale motor fuel distribution business.
Rattlers, which began in College Station in 1992, has four locations in the twin cities. Stripes has opened five stores in Bryan/College Station in the last three years.
Kolkhorst will keep its headquarters in Navasota, operating its commercial fuel, lubricant, and bobtail businesses along with a fast food division.
A spokesman for Sunoco declined comment on the proposed sale.
Click below for comments from Jim Kolkhorst, visiting with WTAW’s Bill Oliver:
News release distributed by Kolkhorst Petroleum on behalf of Corner Capital Advisors:
Kolkhorst Petroleum, Inc., owner of the “Rattlers” convenience store chain, is pleased to announce that it has executed a purchase agreement with certain affiliates of Sunoco LP (“SUN”) to sell its 14 Rattlers convenience stores along with its wholesale motor fuel distribution business. The transaction is anticipated to close in the second quarter of 2016, subject to confirmatory due diligence and other customary closing conditions.
The acquisition will complement SUN’s existing convenience store and wholesale distribution business in Texas.
Kolkhorst Petroleum will retain and continue to operate its commercial fuel, bobtail and lubricant business with the headquarters remaining in Navasota. Kolkhorst Foods, LLC, will be retained as well, which currently operates five Burger King locations.
“Rattlers” convenience store chain first began as Jim’s Food Mart in December, 1992, in College Station. The stores were renamed and re-imaged in 2005. The 14 stores are located in six counties throughout Central Texas operating primarily with Exxon, Shell and Valero branded fuels.
The company supplies dealer accounts with branded and unbranded fuel throughout Central, South, and East Texas. Kolkhorst Petroleum was first established in 1972 as a fuel consignee for Exxon by Vivian and the late James Kolkhorst. Jim Kolkhorst, the president and CEO of Kolkhorst Petroleum, Inc., took ownership of the company in 1997.
Corner Capital Advisors serves as advisor to Kolkhorst on the transaction.
Sunoco LP (NYSE: SUN) is a master limited partnership that operates approximately 1,340 convenience stores (including APlus, Stripes, Aloha Island Mart and Tigermarket brands) and retail fuel sites and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites.
Corner Capital Advisors, LLC provides specialty advisory services for all refined products and to all constituencies in the Downstream Energy industry, including convenience store chains, fuel wholesalers and distributors, lubricant retailers and distributors, propane and heating oil distributors, and storage and transportation companies, among others.
