Phil Zaccaria, the former General Partner of Pioneer C Stores Western Holdings LP, Western Alta Holdings LP and Western Kwik Stop Holdings LP, who created the companies, settled the claims against him, by Alta Brands LLC, by being paid nearly $10 Million. The lawsuit No. 2019-CI-19312 has been settled between the parties.
BULVERDE, Texas, April 14, 2022 /PRNewswire-PRWeb/ -- Phil Zaccaria, the former General Partner of Pioneer C Stores Western Holdings LP, Western Alta Holdings LP and Western Kwik Stop Holdings LP, who created the companies, settled the claims against him, by Alta Brands LLC, by being paid nearly $10 Million.
The lawsuit No. 2019-CI-19312 has been settled between the parties. Zaccaria Parties filed the initial lawsuit in September 2019 against the Limited Partners requesting, a judicial declaration that the 2018 Mediated Settlement Agreement is void and unenforceable. The Limited Partners answered the September 2019 Lawsuit and denied the contentions made by Zaccaria parties. Then Alta Brands LLC filed lawsuit in October 2019 alleging claims for breach of fiduciary duty, among other things, against Zaccaria Parties. Zaccaria Parties answered the October 2019 Lawsuit and denied the contentions and filed counterclaims against the Alta Parties and third-party claims against the Limited Partners involved in the Lawsuit, in alleging, among other things, claims for breach of contract, common law fraud, fraud in the inducement, fraud by non-disclosure, breach fiduciary duty, violation of Texas Business Organization Codes, and aiding and abetting, and requesting a temporary and permanent injunction ordering the Alta Parties and Limited Partners to provide an accounting and place the proceeds of the sale of assets by the Alta Parties, or some of them, into the Registry of the court pending resolution of the October 2019 Lawsuit.
The assets of these combined companies, which Zaccaria lead to be acquired over only a three year period, were sold for in excess of $125 million.
History
Phil Zaccaria's background began as a Petroleum Engineer from the University of Texas and then expanded into the retail and wholesale side of the fuel business in early 2000's.
In early 2000's a good friend, Tex Farmer, who had been in the retail and whole side for over 30 years at the time and was owner of 45 Farmco C stores, wanted to start a new venture of buying and building C-stores. (C-store is short for convenience stores.) Zaccaria joined him and became the co-general partner for this project in Texas. They built this venture into 20 C-stores in south Texas. Then in 2013, Tex, while consulting for another big independent company, came to Zaccaria with multiple opportunities, so they decided to start building a C store company and created Pioneer C Stores LP.
Pioneer C Stores Western Holdings LP was formed to acquire a company located in Glenwood Springs, CO, and it was just the starting point. They began evaluating many opportunities and in 2015 began discussing a much bigger one. They began evaluating a company with over 50 stores in Colorado, New Mexico and Kansas. The plan was to acquire the entire retail side of the business and grow from there. Once a plan was put together, Zaccaria created Western Alta Holdings LP, raised the equity capital and secured the debit and closed in May of 2016, with an operating team in place in Denver Colorado. This lead to other acquisitions, operating contracts and ultimately these combined assets grew into the 58th largest C store operator in the US.
Zaccaria stepped down in 2018, as General Partner, and the company continued to operate the assets Zaccaria, with Farmer's guidance, had acquired. The new management didn't buy another asset and the partners decided to place the company on the market to sale. The combined assets, that Zaccaria/Farmer put together, sold for over $125 Million and the investors realized up to 400% on their invested capital in less than 5 years.
Media Contact
Phil Zaccaria, Zaccaria Ranch, 210-860--7445, [email protected]
SOURCE Zaccaria Ranch
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