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Keen-Summit Capital Partners Sells 28 Store Gas/C-Store Chain in South Texas for $41.6M

Susser Petroleum Property Company LLC is Successful Bidder at Bankruptcy Auction

After a six month marketing process, the fate of Aziz Convenience Stores LLC, a McAllen, Texas-based 28-store gas and convenience store chain operating in Chapter 11, was determined on Tuesday, July 28, 2015, by the United States Bankruptcy Court for the Southern District of Texas. The Bankruptcy Court approved the sale of the bulk of the bankrupt company’s assets to Susser Petroleum Property Company LLC (Susser).

The privately owned and operated, independently branded chain had filed for Chapter 11 on August 4, 2014 following an inability to reorganize its debt with Plains Capital Bank. Aziz worked with its team, consisting of Okin & Adams LLP (Debtor’s Counsel), and The Claro Group (Financial Advisor), to retain Keen-Summit Capital Partners to run a process for exiting Chapter 11, either through a sale of the business, refinancing, or sale-leaseback. When offers were submitted to Keen-Summit by interested parties by the LOI 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, principal and managing director of Keen-Summit, 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 positions the Debtor to successfully complete the reorganization process and exit bankruptcy.
The professionals that have been involved with Aziz and helped make this a successful sale process were Matthew Okin, Esq., and David Curry, Esq. of Okin & Adams, Debtor’s Counsel, Doug Brickley of The Claro Group as Chief Restructuring officer, Michael Gardner and Ray Platz of The Claro Group as Financial Advisor and Greg Young, Esq. of Wick Phillips as Transactional Counsel.

CSPnet.com Article

Convenience Store News Article

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