NAVASOTA, Texas -- Kolkhorst Petroleum Inc., owner of the Rattlers convenience-store chain, said it has executed a purchase agreement with affiliates of Sunoco LP to sell its 14 Rattlers along with its wholesale-motor-fuel distribution business.
As reported in a McLane/CSP Daily News Flash, the companies expect to close the transaction in the second quarter of 2016, subject to confirmatory due diligence and other customary closing conditions. They did not disclose the financial terms.
The acquisition will complement Houston-based Sunoco LP’s existing convenience-store and wholesale distribution business in Texas. Sunoco did not return a CSP Daily News request for comment.
Kolkhorst Petroleum will retain and continue to operate its commercial fuel, bobtail and lubricant business, with its headquarters remaining in Navasota, Texas. It will also retain Kolkhorst Foods LLC, which operates five Burger King locations.
The Rattlers convenience-store chain first began as Jim's Food Mart in December 1992, in College Station, Texas. The company renamed and reimaged the stores in 2005.
The 14 convenience stores are located in six counties throughout central Texas, operating primarily with Exxon, Shell and Valero branded fuels. The company supplies dealer accounts with branded and unbranded fuel throughout central, southern and eastern Texas.
Kolkhorst Petroleum was established in 1972 as a fuel consignee for Exxon by Vivian and the late James Kolkhorst. Jim Kolkhorst, president and CEO, took ownership of the company in 1997. He is the husband of State Sen. Lois Kolkhorst.
Corner Capital Advisors LLC, Santa Barbara, Calif., served as adviser to Kolkhorst on the transaction.
Sunoco LP is a master limited partnership (MLP) that operates approximately 1,340 convenience stores (including APlus, Stripes, Aloha Island Mart and Tigermarket brands) and retail fuel sites and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites. It is a unit of Dallas-based MLP Energy Transfer Partners (ETP).
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.