Sunbelt Central America acted as M&A and PMI Expert Advisor in Iconn’s acquisition of Shell Mexico
Sunbelt Central America advised Iconn on the acquisition of Shell Mexico, leading the M&A, transition, and post-merger integration process.
In a mergers and acquisitions transaction, the real challenge does not end with the signing. The expected value depends on executing the transition with order, continuity, and a clear vision of the buyer’s objectives.
This was the role undertaken by Sunbelt Central America as M&A Advisor to Iconn during the acquisition of Shell’s business in Mexico. In addition to supporting the transaction, the firm led the transition and integration process between both organizations (PMI). The Change of Control was completed on June 1, 2026.
Sunbelt Central America’s advisory and leadership role
Sunbelt Central America advised Iconn throughout the acquisition, transition, and post-closing integration of the two companies. Its involvement covered both the strategic dimension of the transaction and the coordination required to transfer operational control without disrupting the business.
The portfolio involved included the network of service stations, convenience stores, the Shell Solutions fleet card, and the fuel import and supply business. Under the new structure, Iconn assumed management of these operations while retaining the Shell brand and its complementary brands.
For Sunbelt Central America, the challenge involved coordinating an operation encompassing multiple functions, teams, and stakeholders across different geographies. The objective was not simply to complete a transaction, but to help ensure that the new stage began with clearly defined responsibilities, aligned processes, and the conditions required to preserve the projected value.
An operational transition focused on continuity and value capture
One of the main risks in an acquisition arises when the financial rationale does not translate into operational decisions. Integration therefore requires planning, discipline, and a precise understanding of the buyer’s priorities.
Sunbelt Central America led the process with a focus on value capture. The firm supported coordination between local and global organizations, facilitated the alignment of functions, and maintained a focus on a transition capable of protecting operations from day one under the new control.
As explained by Estuardo Trujillo, Managing Partner at Sunbelt Central America:
“Supporting Iconn in a transaction of this scale and complexity allowed us to put our knowledge of the Downstream Oil & Gas industry into practice. Once again, we confirmed that an energy-sector transaction involving local and global companies, with functions and stakeholders across different geographies, requires knowledge and experience, but above all, detailed planning and flawless execution to capture the value planned by both the buyer and the seller.”
His words summarize the core of the work: designing and executing the transition with the precision required by a strategic transaction in the energy sector.
Sunbelt Central America: a leader in the regional M&A market
For Sunbelt Central America, the transaction validates its ability to support complex deals beyond the financial closing. The firm combines M&A advisory with integration expertise, an approach that becomes critical when a buyer needs to turn an investment thesis into an operationally aligned organization.
This approach reflects its positioning as a firm that connects international experience with regional knowledge. Sunbelt Central America represents Sunbelt Business Brokers, a global network specializing in the buying and selling of businesses, as well as Global PMI Partners (GPMI), a network of post-merger integration experts with a presence in more than 35 countries.
Sunbelt Central America’s offering is also built around comprehensive support, experience in cross-border transactions, and an investor-focused approach to integration.
The Change of Control completed on June 1, 2026, represents the visible outcome of this work. For Sunbelt Central America, it confirms that its contribution goes beyond facilitating an acquisition: it involves supporting the buyer until the operation can function with continuity and move toward the value that justified the transaction.
