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Keen-Summit Capital Partners Wins Turnaround Management Association’s 2016 Transaction of the Year Award for the Sale of the Aziz Convenience Store Chain

Keen-Summit Capital Partners Wins Turnaround Management Association’s 2016 Transaction of the Year Award for the Sale of the Aziz Convenience Store Chain

Aziz Convenience Store Chain Sold at Bankruptcy Auction for $41.6M

September 13, 2016

NEW YORK – The Turnaround Management Association (TMA) announced on September 12, 2016, that Harold J. Bordwin and Matt Bordwin, Principals and Co-Managing Directors of Keen-Summit Capital Partners LLC, are being awarded the prestigious 2016 Transaction of the Year Award for a Mid-Size Company transaction for their role as investment bankers in the sale of Aziz Convenience Stores LLC (“Aziz”). Aziz was a McAllen, Texas-based 28-store gas and convenience store chain operating in Chapter 11. Susser Petroleum Property Company LLC (Susser) purchased the chain for $41,600,000. That transaction was approved by the United States Bankruptcy Court for the Southern District of Texas and closed in August 2015.

Aziz was a privately owned and operated, independently branded chain.  It had filed for Chapter 11 on August 4, 2014, following an inability to reorganize its debt with Plains Capital Bank. Aziz retained Keen-Summit Capital Partners to run a process for exiting Chapter 11, either through a sale of the business, refinancing, joint-venture or sale-leaseback.  When offers were submitted to Keen-Summit by interested parties by the Letter of Intent Deadline of March 9, 2015, Susser had submitted the highest and best offer, $28 million plus inventory.  Aziz filed a stalking horse contract with the Bankruptcy Court on May 5, 2015, along with bid procedures.  The bid procedures called for the submission of competing bids by Wednesday, July 15 (the Bid Deadline).

As of the Bid Deadline, Aziz had received two qualifying overbids.  At an auction in McAllen, Texas on Monday, July 20, Harold Bordwin ran the competitive bid process.  At the auction, Susser competed for the business against two other strategic buyers and prevailed with a bid of $41,600,000.  Circle K Stores Inc. submitted a $41,500,000 backup bid.  The sale to Susser closed in August 2015.   On November 2, 2015, the Court entered an order confirming Aziz’s plan of reorganization.

Other professionals that were involved with Aziz transaction and won the Transaction of the Year Award alongside Messrs. Bordwin included Matthew Okin, Esq., and David Curry, Esq. of Okin & Adams, Debtor’s Counsel, Doug Brickley, formerly of The Claro Group, as Chief Restructuring officer, and Michael Gardner and Ray Platz of The Claro Group as Financial Advisor.

About Keen-Summit Capital Partners LLC

Since 1982 – for 34 years – Keen-Summit’s professionals have been successfully executing real estate and M&A transactions for financially challenged businesses and their creditors. With more than 150 years of combined experience (covering more than 3 billion square feet of real estate, constituting over $3 billion in transactions and encompassing more than 27,000 properties), the professionals at Keen-Summit offer their clients best-in-class lease restructuring services, real estate disposition, M&A and capital markets solutions. For more information about Keen-Summit Capital Partners LLC, call 646.381.9222 or visit www.keen-summit.com.

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Turnaround Management Association's Press Release: Turnaround and Transaction of the Year Awards to Be Presented at The TMA Annual

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