SANTA BARBARA, Calif. -- Corner Capital Partners LLC, an investment banking firm focusing on the downstream energy and convenience store industries, has added to its staff and announced the closing of a credit transaction with Fifth Third Bank for the valuation and sale of more than $70 million in convenience retailing mortgages and loans.
Carl Ray Polk Jr. has joined Corner Capital as a principal. Polk has more than 23 years of industry experience as the former executive vice president of Brookshire Brothers Ltd., and the former owner and CEO of Polk Oil Co. Inc., both [image-nocss] of Lufkin, Texas. He is the past board chair of the Texas Petroleum Marketers Association, a member of Coca Cola's National Retailers Council and has served on several national committees for the National Association of Convenience Stores (NACS). A third-generation retailer, wholesaler and lubricants jobber, Polk will bring significant operating experience to the advisory and relationship development practice within Corner Capital.
Jerry Richards has joined Corner Capital as senior vice president business development to build out the firm's financial engineering practice. Richards brings operational and financial expertise, with more than 30 years of achievements at Exxon, Texaco, Getty, CitiCapital Franchise Finance and GE Capital.
Ellen Galperson Lehto now serves as director of credit markets. With a background in underwriting, structuring and institutional relationships, Lehto will work closely with clients and institutions to meet the diverse needs of Corner Capital's wholesale, retail and institutional client engagements. Prior to joining Corner Capital, Lehto held credit management positions with FMAC, Merrill Lynch Franchise Finance and GE Capital.
With the expansion, Corner Capital has created a team with experience in transaction financing, investment banking, private equity, refining and marketing management and energy business ownership. Corner Capital principals and team members specialize in all aspects of downstream energy transactions, including mergers and acquisitions, financial engineering and restructuring and credit transactions for industry entrepreneurs and institutions investing in the industry.
The deal with Cincinnati-based Fifth Third Bank involved the valuation and sale of more than $70 million in mortgages, working capital loans and other real-estate loans primarily comprised of convenience retailing assets. Silverstone Partners LLC, Cincinnati, partnered with Corner Capital on the transaction.
"It was not a traditional engagement. It included the complicated, detailed evaluation of nationally distributed, geographically diverse performing and nonperforming loans," Andy Weber of Corner Capital said.
"The bank wanted to sell some loans that were collateralized by c-stores, real estate and gasoline equipment. They needed our assistance in understanding the value of the collateral (hard assets) and how that would affect the value of the loans they wanted to sell. We provided that assistance and helped find buyers/investors of their loans. They came to Corner Capital because of our deep understanding of the assets and credit in our industry, and relationships," Weber told CSP Daily News.
After determining the estimated value of the collateral and conducting onsite evaluations of the real estate, Corner Capital evaluated the value of the loans and secured strategic and financial investors interested in the loans and the collateral.
Santa Barbara, Calif.-based Corner Capital provides consulting, financial advisory, capital placement services and direct capital investment to all constituencies in the downstream energy and convenience store industry.
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