FORT WORTH and COLLEGE STATION, Texas — Classic Star Group LP has acquired the convenience retail, ChevronTexaco- and Shell-branded fuel distribution and commercial business assets of H&M Wholesale Inc. The package included three branded retail stores, 27 branded dealer supply contracts, transportation assets and the commercial business.
In 2019, H&M retained Corner Capital’s valuation and strategic advisory services to identify corporate options for its shareholders. After analysis and consideration, the company elected to pursue a structured sale process for its business assets.
“We have had a long and fruitful journey in the industry and look forward to a new chapter as we transition our business to a like-minded neighbor that shares our passion for the business and will take good care of our customers in the Brazos Valley area,” said Mary Walker, owner of H&M Wholesale.
Hoover Alford, who began his history with Texaco as a consignee, founded H&M in 1960. In 1980, as Texaco was selling its real estate and equipment assets to its agents, Hoover Alford and his wife, Mary Walker, took advantage of the opportunity and incorporated their acquisition as H&M Wholesale. Mary Walker’s son, James Boedeker, joined the company and the two continued growing their retail business and invested in many dealer-owned retail operations.
H&M has been a fuel distributor since 1960 and a convenience retailer since 1980. In 1980, the company began operating its first store and continued focusing on both convenience retail and fuel distribution.
Classic Star Group, Fort Worth, Texas, supplies fuel to more than 600 customers in seven states. The goal of Classic Star Group is to assist owners of gas stations and c-stores to grow their business by supplying branded and unbranded fuel and other services to give them a competitive advantage in the marketplace, it said.
Santa Barbara, Calif.-based Corner Capital provides financial and strategic advisory services to entrepreneurs, operating companies, financial institutions and investors in all segments of the downstream energy industry, including convenience retailing and all multi-unit retail formats.