CASTROVILLE, Texas — Texas Enterprises Inc. (TEI) has acquired 13 Valley Mart convenience stores from Royce Groff Oil Co. (RGOC), as well as its branded distribution and commercial fuel assets.
Along with the c-stores, Castroville, Texas-based RGOC supplies more than 70 dealer locations and delivers commercial fuel and lubricants through five bulk plant facilities in Castroville, Jourdanton, Devine, Boerne and Eagle Pass, Texas.
The company was founded in 1969 by Royce Groff, who began his career in the petroleum business as a commission agent with Humble Oil & Refining Co., which is now part of ExxonMobil. He started with one bulk plant and one bobtail delivery truck. Initial customers were farmers, ranchers and other commercial accounts, along with a few small dealer-owned and Groff-operated Humble-branded service stations.
RGOC has been a longstanding member of the Texas Food & Fuel Association and the National Association of Convenience Stores (NACS).
Austin, Texas-based TEI is a fifth-generation, family-owned and -operated company. Founded by James Link Calhoun in 1921 as Bay Oil Co. in Houston, TEI distributes petroleum and lubricant products in Texas and New Mexico. TEI is currently led by Ford Smith Jr. and has more than 250 employees.
Corner Capital Advisors LLC, Austin, Texas, provided merger and acquisition advisory services to RGOC, which included valuation advisory, marketing the business assets through a structured sale process and transaction negotiation. Don Mitchell, senior vice president of business development for Corner Capital, managed the transaction.
"I have known the Groff family for more than 35 years, so we were honored to assist them through this process," said Mitchell. "They have been valued members in their communities and will continue being active through other activities and retirement. We thank RGOC and Texas Enterprises and wish them both the very best going forward."
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