New Distributing Inc. and Jayen Inc., a branded petroleum marketer, wholesale fuel supplier and convenience retailer based in Victoria, Texas, has sold its eight convenience retail properties and operations in southeastern Texas to Saad Ali of Houston.
The retail locations operate under the Fastop and Cimarron Store brands and sell Conoco and Shell motor fuels. As part of the structured sale, New Distributing will retain fuel supply for the locations for up to 15 years.
New Distributing has grown over three generations to become a destination in its concentrated, stable demographic, and it expects rapid population growth to continue, said Corner Capital Partners, Austin, Texas. The company has new, large-format convenience stores.
“Today’s transaction allows us to redirect our resources and capital to our long-term emphasis on our dealer wholesale supply, commercial fuels and lubricants,” Jon New, president and owner of New Distributing, said.
Ali and his operating partners, who purchased New Distributing’s retail assets, will continue operating under the Fastop and Cimarron brands and are committed to making additional investments in the locations, they said. Ali and his family, who are multi-unit operators in Texas, plan to continue to work with national fuel brands Conoco and Shell, they said.
Carl Ray Polk Jr., along with the teams of Corner Capital and Corner Realty, managed the transaction including real estate, leases and business valuation and structured transaction services.
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