Industry: Industrials / Energy & Power
Transaction: Sale to Strategic Buyer


Gary-Williams Energy Corp. ("GWEC") is an independent oil and gas company with operations primarily in the Mid-Continent region of the United States. The privately held company was started as a small exploration company in the 1950s.

When GWEC was seeking greater liquidity and to increase its net refining capacity, GMB was retained as its exclusive financial advisor to sell Bloomfield Refining, its refinery located in the Four Corners region near Farmington, NM.

GMB conducted a limited auction, resulting in the sale to the most likely acquirer, Giant Industries ("Giant"). The proximity of Bloomfield Refining to Giant's existing Ciniza refinery, located in Gallup, NM, increased Giant's New Mexico refining capacity from 26,000 bpd to 42,600 bpd. This enabled Giant to benefit from economies of scale and market share.

Subsequently in the same year, to further accomplish its strategy to increase net refining capacity, GMB was engaged by GWEC as its buy-side advisor in the purchase of Kerr McGee's Wynnewood Refinery. Despite requiring upfront capital expenditures, the Wynnewood Refinery had greater capacity than the Bloomfield plant sold to Giant. Bank of America provided debt financing for the transaction.

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