CENTENNIAL, Colo. -- Western Convenience Stores, which has emerged from Chapter 11 bankruptcy, remained in full operation during the bankruptcy period and financial restructuring, the company said.
“We are delighted to have successfully completed our restructuring and emerge from the operational strains of bankruptcy,” said Hossein Taraghi, president of Western Convenience Stores. “We can now focus our energy on enhancing and growing our profitable fuels and convenience-store businesses.”
Based in Centennial, Colo., Western Convenience operates under its own independent gas and c-store brand through 43 mostly fee-owned sites spread throughout Colorado and western Nebraska, most in the Denver area. The company also delivers fuel to its stores through Western Truck One LLC.
Affiliates of Garrison Investment Group, following a due-diligence period, affirmed Western’s reorganization plan with a loan facility secured by the real estate and businesses of Western and its related companies.
Garrison Investment Group engaged Petroleum Equity Group to serve as the exclusive fuels and convenience-store industry adviser in support of its analysis.
“This was a complicated deal,” Petroleum Equity Group CEO Ken Shriber said, calling it “a challenging financial situation.”
The transaction closed Aug. 31, 2016.
Garrison director Eric Rosenthal said, “While this is our initial venture in the C&G [convenience and gasoline] space, we are interested in growing our exposure to this segment with the assistance of Petroleum Equity Group.”
Garrison Investment Group, based in New York, is a middle-market credit and asset-based investor. Its investment strategies focus, among others, on deploying capital in opportunities across corporate finance (corporate loans and select equity investments).
Chappaqua, N.Y.-based Petroleum Equity Group is a full-service advisory company to the downstream fuels industry providing mergers and acquisitions services and support, business assessment and valuation analysis, financing and related services.
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