MARSHALL, Texas — East Texas Fuels Inc. has exited the convenience-store industry with its sale of seven stores to retailer Quick Track Inc., which acquired the convenience-retail assets Nov. 18.
East Texas Fuels, based in Marshall, Texas, was founded in 1992 by T.D. “Rusty” Howell, his son Steve Howell and daughter Leslie Howell Chambers. After buying the rest of the family’s ownership interests in 2016, Steve Howell became the sole owner of East Texas Fuels.
The company has bought, sold and built convenience stores in its nearly three decades in business and has owned a substantial share of Marshall’s branded fuel market with its portfolio of stores, which are known for convenient and highly visible locations on major thoroughfares; desirable fuel brands; high-quality convenience-store offerings; clean and well-maintained facilities; and friendly staff, according to the company.
In purchasing the business, which includes the seven stores plus two development properties, Bedford, Texas-based Quick Track is acquiring all of the real estate interests in East Texas Fuels’ convenience-store chain and intends to retain the company’s store-level employees to ensure the continuity and quality of its customer relationships. In addition to the real estate being acquired, Quick Track will continue carrying the Chevron and ExxonMobil fuel brands across the portfolio.
East Texas Fuels retained Corner Capital Advisors LLC, Santa Barbara, Calif., as its exclusive financial adviser, providing valuation and structured-sale services for the company.
“Corner Capital led a structured process that allowed us to find the most qualified and capable buyer in Quick Track,” Steve Howell said.
East Texas Fuels will maintain its upstream investments in oil fields and production, according to Corner Capital Partners.
Quick Track operates about 80 c-stores in Texas and Arkansas.