Home News & Insights Gabriel’s Package Stores Complete Sale of Assets Through Chapter 11 Bankruptcy
October 26, 2020
Gabriel’s Package Stores Complete Sale of Assets Through Chapter 11 Bankruptcy
By Harney Partners

Bill Patterson of Harney Partners acted as Chief Restructuring Officer for the deal

Austin, TX – Harney Partners announced the recent closing of the sale of the Gabriel Investment Group and related entities (“Gabriel’s) to Omega Capital Group through the Chapter 11 Plan of Reorganization process in the U.S. Bankruptcy Court for the Western District of Texas, San Antonio division. The transaction closed on October 5, 2020.

The transaction team was led by William R. Patterson, Executive Vice President of Harney Partners, who acted as Chief Restructuring Officer. Headquartered in San Antonio, TX, Gabriel’s is the largest packaged store retailer in the greater San Antonio area. Founded in 1948, Gabriel’s currently operates 33 stores as Gabriel’s Liquor and Don’s & Ben’s Liquor.

“Gabriel’s experienced increased competition from an in-flux of big box retailers in the recent decade, causing loss of market share and pressure on the profitability of some of its locations,” said Patterson, “The successful sale of the business to Omega Capital Group will ensure the continuity and success of the business going forward.”

Transaction Team

Debtor representatives:

  • Chief Restructuring Officer: Bill Patterson, Harney Partners
  • Attorneys: Randy Pulman and Tom Rice, Pulman, Cappuccio & Pullen
  • Investment Bankers: John O’Neill and Brad Walker, Riverbend NTA
  • Financial Advisors: Stan Grabish and Juanita Schwartzkopf, Focus Management

Creditor Representatives:

  • PNC Business Credit – Brent McIlwain and Brian Smith, Holland & Knight
  • Unsecured Creditors Committee – Ron Smeberg, Muller & Smeberg
  • Southern Glazer’s Wind and Spirits of Texas – Scott Rose, Jackson Walker
  • Republic National Distribution Company – David Wender, Alston & Bird
  • Michelle Maloney – Tom McKenzie – Law Office of Tom McKenzie

Equity Representatives: Royal Lea, Bingham & Lea

Texas Alcoholic Beverage Commission: Jason Binford, Office of the Attorney General of Texas

About Harney Partners:

Harney Partners is a national, corporate-advisory firm that provides independent, multi-disciplinary solutions for middle-market companies and their stakeholders to overcome financial and operational challenges. For more than 25 years, Harney Partners have helped clients realign their business for immediate stability and implement innovative, results-oriented strategies for future sustainability and growth. Harney Partners has offices in Austin, Chicago, Dallas, Houston and Madison and specializes in restructuring and turnaround, bankruptcy advisory, fiduciary services, transaction advisory, interim management, and forensics and litigation services.