SLIDELL, La. -- In a deal that marks the second large portfolio the company has acquired in the past several years, Slidell Oil Co. has acquired the assets of Interstate Oil Co. Inc., a Chevron wholesaler and retailer in Montgomery, Ala. In operation for more than 80 years, Interstate Oil is a 45-million-gallon distributor, transporter and retailer, with 24 convenience stores in and around the Montgomery metropolitan market.
"In the past 60 days, the families from Interstate Oil and Slidell Oil have worked together to plan for the integration of our two companies and our expansion into the central Alabama market. And we are especially excited about our new relationship with Chevron," said Brian Baker, managing member of Slidell Oil.
Ar reported in a Morgan Keegan/CSP Daily News Flash yesterday, Slidell Oil is a convenience retailer and fuel distributor representing the ExxonMobil, Shell and Valero brands in Louisiana, Mississippi and Alabama.
The Slidell, La.-based company acquired 58 locations from Shell Oil Co. upon Shell's New Orleans market divestiture in 2008 (see related Content below for previous CSP Daily News coverage).
"This transaction with Interstate complements our growing Alabama footprint and is a perfect fit for the strategies we have in place for Alabama and Mississippi. The owners and management of Interstate have a strong reputation of dependable service and 'best-in-class' retail operations. We will continue the tradition they have established," added Keith Baker, managing member.
"Our companies are similar, both having been founded several generations ago in small communities, prospering with a dedication to our employees and always focused on the customer," he said.
The company is also a lubes distributor for Chevron, serving the commercial lubrication needs in central Alabama through its bulk plant facility in Montgomery.
Slidell Oil was advised on the transaction by Corner Capital Partners LLC, a specialty investment banking firm focused exclusively in the downstream energy industry. Corner Capital has offices in Los Angeles and Santa Barbara, Calif., and Houston.
Morgan Keegan served as financial advisor to Interstate Oil. Morgan Keegan is a full-service investment banking and brokerage firm that provides a comprehensive range of merger and acquisition advisory, public equity and private capital services to public and private companies. Its Consumer & Retail Investment Banking group provides advisory and capital raising services to leading companies in the convenience store and wholesale petroleum industries.
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