Petroleum Equity Group and Garrison Investment Group help pull Western Convenience out of bankruptcy.
With the assistance of Petroleum Equity Group, Western Convenience Stores has undergone a financial restructuring, which has successfully pulled the company out of bankruptcy.
Headquartered in Centennial, Colo., the company remained in full operation during the bankruptcy period, which began on Dec. 28, 2015. Western Convenience operates under its own independent gas and c-store brand through 43 mostly fee owned sites, and spread throughout Colorado and Western Nebraska with the majority clustered around the Greater Denver area. The company also delivers fuel to its stores through Western Truck One LLC.
Affiliates of Garrison Investment Group, following a thorough due diligence period, affirmed Western’s reorganization plan with a loan facility secured by the real estate and businesses of Western and its related companies. The transaction closed on Aug. 31, 2016. Petroleum Equity Group was engaged by Garrison to serve as the exclusive fuels and convenience store industry advisor in support of their analysis that culminated in this debt placement.
“This was a complicated deal, and we are fortunate to have worked with the knowledgeable, and highly skilled professionals at Garrison who are adept at managing a challenging financial situation,” said Ken Shriber, CEO.
“We are delighted to have successfully completed our restructuring and emerge from the operational strains of bankruptcy,” said Hossein Taraghi, president of Western Convenience Stores. “Our management team appreciates the support and assistance from Garrison and Petroleum Equity Group, and we can now focus our energy on enhancing and growing our profitable fuels and convenience store businesses.”
“We are pleased to be Western’s sole, financial partner through this consolidated loan facility. While this is our initial venture in the C&G space, we are interested in growing our exposure to this segment with the assistance of Petroleum Equity Group,” said Garrison director, Eric Rosenthal.