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Business

Santa Barbara’s Corner Capital Partners Helps Slidell Oil Complete Alabama Acquisition

Louisiana convenience store retailer, fuel distributor buys Interstate Oil Co. assets

Slidell Oil Co. LLC has announced its successful acquisition of the assets of Interstate Oil Co. Inc., a Chevron wholesaler and retailer in Montgomery, Ala.

In operation for more than 80 years, Interstate is a 45 million-gallon distributor, transporter and retailer, with 24 convenience stores in the Montgomery area. The company is also a premier lubes distributor for Chevron, serving the commercial lubrication needs in central Alabama through its bulk plant facility in Montgomery.

“In the past 60 days, the families from Interstate Oil and Slidell Oil have worked together to plan for the integration of our two companies and our expansion into the central Alabama market,” said Brian Baker, managing member of Slidell Oil Co. “And we are especially excited about our new relationship with Chevron.”

Based in Slidell, La., Slidell Oil is a convenience retailer and fuel distributor representing the ExxonMobil, Shell and Valero brands in Alabama, Louisiana and Mississippi. This marks the second large portfolio the company has acquired in the past several years, including the acquisition of 58 locations from Shell Oil Co. upon its New Orleans market divestiture.

“This transaction with Interstate complements our growing Alabama footprint and is a perfect fit for the strategies we have in place for Alabama and Mississippi,” said Keith Baker, a Slidell Oil managing member and brother of Brian Baker. “The owners and management of Interstate have a strong reputation of dependable service and ‘best in class’ retail operations. We will continue the tradition they have established.

“Our companies are similar, both having been founded several generations ago in small communities, prospering with a dedication to our employees and always focused on the customer.”

Terms of the deal were not disclosed.

Slidell Oil was advised on the transaction by Corner Capital Partners LLC, a Santa Barbara-based specialty investment banking firm focused exclusively in the downstream energy industry. Corner Capital also has offices in Los Angeles and Houston.

Morgan Keegan served as financial adviser to Interstate Oil. Morgan Keegan is a full-service investment banking and brokerage firm that provides a comprehensive range of merger and acquisition advisory, public equity and private capital services to public and private companies. Its Consumer & Retail Investment Banking group provides advisory and capital raising services to leading companies in the convenience store and wholesale petroleum industries.

Andy Weber is the founder of Corner Capital Partners LLC.

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