Sun Pacific Energy Inc., a Pacific Northwest branded petroleum marketer and convenience-store retailer, has sold its convenience retail, dealer wholesale and transportation assets to PacWest Energy LLC, Meridian, Idaho.
In a deal closed Dec. 7, PacWest acquired Sun Pacific’s nine large-format convenience stores, more than 130 branded dealer accounts and all transportation rolling stock.
Spanning three generations of the Eerkes family, Kennewick, Washington-based Sun Pacific Energy has grown to become one of the largest distributors of branded and unbranded motor fuels in the Pacific Northwest, said San Francisco-based Corner Capital, which provided its valuation, strategic advisory and merger-and-acquisition services to the Eerkes family.
Sun Pacific’s company-operated Sun Market stores have become a well-known destination in its concentrated, stable demographic with rapid population growth expected to continue throughout the next decade, Corner Capital said.
“The company’s newly constructed, large-format Sun Market stores have a stellar track record of serving customers throughout the Tri-Cities market in eastern Washington, and Sun Pacific holds a dominant market share for branded fuel distribution in the greater Seattle area,” Corner Capital said.
“Today’s transaction represents the culmination of a lifetime of industry operations and investment, dating from my father’s founding of the business in 1956 by Jerry Eerkes,” said Craig and Chris Eerkes. “We are pleased that the PacWest team has retained almost all of our field and office staff, where many new opportunities abound with a company of PacWest’s size and scope.”
In a partnership with Jackson Energy and Jacksons Food Stores Inc., PacWest Energy owns, operates and supplies stores across nine western states. The companies are vertically integrated, supplying fuel to locations in nine states through Jackson Energy to customers and Jacksons Food Store locations.
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