Cinco J Inc. (dba Johnson Oil Co.) and Tiger Tote Food Stores Inc. have announced that Circle K has completed its acquisition of Tiger Tote Food Stores’ 21 “the Tote” convenience stores and Johnson Oil’s 182 dealer locations.
The stores will be re-branded to the Circle K store brand, while the retail fuels and dealer locations will retain their current fuel brands through Circle K’s National Wholesale Fuel branding agreements.
In March, Circle K and Gonzales, Texas-based Johnson Oil announced their intent to consummate a transaction encompassing all of Johnson’s convenience retail and dealer business, and the June 2 sale represents the transition of the Johnson family’s interest in fuel supply and convenience retailing.
“We are pleased that the Johnson family was able to transition the majority of their employees to a company of Circle K’s caliber and with such tremendous opportunities for career growth,” said Roy Cole, president of Johnson Oil.
“The Johnson family believes Circle K will benefit from the legacy of customer service and community presence that our stores and people have provided since 1958.”
Johnson Oil Co. and its Board of Directors, assisted by Corner Capital Advisors LLC, embarked on a scenario analysis of its strategic options for the company, subsequent to the death of its founder, Fletcher Johnson, in 2013. After reviewing potential options, the Johnson family decided a sale of its retail and dealer fuel supply assets was the appropriate path.
“Exiting a family business founded in 1958 requires thoughtful consideration,” said Andy Weber, founder of Santa Barbara-based Corner Capital Partners LLC, parent company of Corner Capital Advisors.
“We are extremely pleased that the family trusted Corner Capital and its team to assist and guide the company through the entire process, and it has been a pleasure to work with the Johnson family and the board.”
Johnson Oil’s 21 “Tote” stores operate throughout Central and South Texas, primarily distributing Chevron– and Exxon-branded fuels. The stores also offer proprietary food service under the “Mama’s Kitchen” brand, which will continue subsequent to the sale.
The company supplies dealer accounts throughout Central, South and East Texas, and also into Louisiana. The company distributes approximately 200 million gallons annually of unbranded and branded fuels and lubricants, including Chevron, Citgo, Exxon, Shell, Texaco and Valero.
Johnson Oil has retained its lubricants and commercial fuels business.
Corner Capital Advisors LLC, is a national advisory firm specializing in downstream energy since 2006. The firm and its team members provide transactional, financial and operational assistance to all constituents in downstream energy, including all refined products, transportation, storage, distribution and retailing.
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— Andy Weber is the founder of Corner Capital Partners LLC.