Alamo Corporate Group, Inc. Research
Advisory Approach
Alamo Corporate Group is a specialized M&A advisory firm focused exclusively on the oil, gas, and energy sectors, with particular depth in propane distribution businesses. Founded in 1997 by Don Hankins, the firm operates with a thesis that industry-specific expertise delivers superior outcomes for energy business owners. Unlike generalist business brokers, Alamo's principals have lived the energy business—as former executives at Union Pacific Pipeline, Union Pacific Resources, and Skelly Oil, and as founders who built a propane company into one of the top 50 in the U.S. before merging it into a publicly traded company.
The firm's sweet spot is closely-held propane distribution companies, fuel distributors, and energy-related businesses with enterprise values typically between $1 million and $25 million. They target founder-owned businesses where operational complexity and industry-specific valuation metrics create opportunities for advisors with deep domain expertise to unlock value that generalist intermediaries miss.
Sector Focus
Alamo Corporate Group's practice is highly concentrated in energy and adjacent industries:
Propane & LPG Distribution: This is the firm's deepest vertical. They have sold dozens of propane businesses across Texas and surrounding states, from single-location retailers to multi-state distributors. Their client testimonials include former presidents of the Texas Propane Gas Association, reflecting their standing in the industry.
Oil & Gas Midstream: Pipeline terminals, fuel distributors, and refined products transportation. Don Hankins personally managed 3,600 miles of interstate refined products pipelines and terminals earlier in his career.
Manufacturing & Industrial Services: Machining, fabrication, equipment manufacturers, and product manufacturers serving the energy sector.
Distribution & Logistics: Supply companies, trucking, and logistics providers with energy industry exposure.
Deal Track Record
Alamo Corporate Group reports involvement in more than 300 engagements, including 100+ business sales and 200+ strategic advisory engagements. Their close ratio of 85% dramatically exceeds the 25% industry average for business brokers.
Notable transactions from public testimonials and references:
- BayGas Propane (2015): Sold to Allen Wells, who later became President of the Texas Propane Gas Association. Wells publicly credited Alamo with helping him build his propane empire through multiple transactions.
- Alford LP: Sale of a 47-year-old family propane business. Owners Rudy and Marcie Alford praised Hankins' ability to relate to sellers and navigate the emotional complexity of selling a family business.
- Nichols LP Gas Service, Inc.: Sold to Tom and Anita Nichols, who reported that Alamo's thorough research and industry knowledge resulted in additional income that exceeded the advisory fee.
- Cyclone Cylinder Exchange: Sale of a propane cylinder exchange business. Owner Dan Rodgers credited Hankins with achieving "top dollar" and providing attentive service throughout the process.
- Firehouse Grill & Brewery: Buy-side representation for restaurant acquisition, demonstrating the firm's capabilities beyond energy transactions.
Process & Fee Structure
Alamo runs a structured, proprietary M&A process designed to maximize value while maintaining confidentiality and minimizing business disruption. Their approach includes:
- Comprehensive valuation and pricing strategy analysis
- Confidential marketing to qualified buyers
- Buyer qualification and screening
- Offer negotiation and deal structuring
- Due diligence support and coordination
- Closing management
The firm emphasizes that business owners have "one shot" at selling their life's work, and their process is designed to get it right the first time. They maintain extensive contacts in the financial and intermediary communities, including membership in the M&A Source, International Business Brokers Association, and Texas Association of Business Brokers.
Fee structure follows industry norms for lower middle market transactions: a negotiable monthly retainer during the engagement plus a success fee paid at closing. While specific percentages are not publicly disclosed, the firm's focus on "delivering more value than what you pay us" suggests success fees in the 5-10% range typical for business brokers.
Buyer Network
Alamo's buyer network includes:
- Private equity firms targeting energy and propane platform investments
- Strategic buyers in the energy distribution space
- Multi-location propane operators seeking geographic expansion
- Industry consolidators rolling up smaller propane retailers
- Family offices and high-net-worth individuals acquiring cash-flowing businesses
From their transaction history, buyers have included both strategic acquirers (larger propane companies expanding territorially) and financial sponsors (PE firms building energy platforms).
Competitive Positioning
Alamo Corporate Group differentiates through:
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Industry Specialization: Exclusive focus on energy transactions means they understand propane valuation metrics, regulatory issues, and operational nuances that generalist brokers miss.
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Operator Experience: Principals have built and sold energy businesses themselves, giving them credibility with sellers and practical insight beyond deal mechanics.
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Propane Market Dominance: Deep connections in the Texas propane ecosystem and national petroleum associations.
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High Close Ratio: 85% close rate versus 25% industry average suggests effective buyer qualification and realistic valuation guidance.
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Confidentiality: Emphasis on discreet processes for businesses where employee or customer leakage could be damaging.
Not a Fit If
- Technology, SaaS, or other non-energy businesses (they refer these out)
- Businesses below $500,000 in enterprise value (too small for their engagement model)
- Sellers seeking a limited process or quick sale (Alamo believes in comprehensive buyer outreach)
- Companies requiring public capital markets expertise or SEC-registered broker-dealer services
Team
Don Hankins – Founder and President. 30+ years in energy M&A. Former C-level operations executive at Union Pacific Pipeline and Calnev Pipeline. Oil and gas exploration management with Union Pacific Resources and Skelly Oil. Founded Independent Gas, a propane company that became one of the top 50 in the U.S. before merging into a public company. Has completed 100+ independent company purchases, sales, or valuations.
Certifications: Certified Merger & Acquisition Advisor (CM&AA), Certified Business Intermediary (CBI), Certified Valuation Analyst (CVA), Business Certified Appraiser, Certified Machinery/Equipment Appraiser.
Education: B.B.A., University of Arkansas.
Professional Leadership: Past board member, International Business Brokers Association; Past President and Board Member, Texas Association of Business Brokers; Past Board Member, Institute of Certified Business Counselors.
The firm's team all hold CBI designations through the IBBA and maintain active memberships in M&A Source, TABB, and other professional organizations. Team backgrounds include engineering, accounting, applied economics, and business disciplines.
Geographic Coverage
Headquartered in Arlington, Texas (Dallas-Fort Worth metroplex). Serves clients nationally with concentration in Texas, Oklahoma, Louisiana, Arkansas, and surrounding states. Phone: (817) 615-8393.
Affiliated entities include The Oil & Gas Advisor, Appraisal & Mentor Group, and Machinery & Equipment Appraisal—providing comprehensive services around business transitions.