CHARLESTON, South Carolina – Refuel Operating Co. LLC has entered into an agreement to acquire the assets of Action Fuels LP, a San Antonio-based wholesale and retail fuel distribution and convenience store chain, including nine convenience stores under the Buck’s brand.
Founded in 1984 and purchased in 1994 by current owners Boyd Bruchmiller, Brian Williams and Chris Pipes, Action Fuels owns and operates Buck’s stores in the Greater San Antonio and South Texas market and is a wholesale supplier of fuels.
“Boyd, Brian and Chris have built a tremendous business over the past 27 years,” said Mark Jordan, CEO of Refuel. “We are extremely pleased to expand our current presence in Texas and look forward to welcoming their employees to the Refuel family. “
In a joint statement, Bruchmiller, Williams and Pipes said, “Buck’s Food and Fuel has served the South Texas market for many years, thanks to the excellence of our employees and the dedication of our customers. We hope that Refuel will continue to serve this market with distinction in the years to come. We can’t imagine a better steward of Buck’s, as Refuel has similar operating values and commitment to our dedicated employees and loyal customers.
Refuel, based in Charleston, SC, a retail and wholesale fuel distribution and convenience store company, is a holding company of First Reserve, an energy-focused private equity firm.
The transaction represents the ninth acquisition for Refuel since the partnership with First Reserve was established in May 2019. In addition to the Action Fuels transaction, Refuel will also open three new locations in the Carolinas this month, bringing the total number of stores operated. by the company at 172 locations. .
Other recent acquisitions include ALCO, Double Quick and Wag-A-Bag chains and Cruizer convenience stores from Holmes Oil Co.
The companies have not disclosed financial details of the transaction, which is subject to customary closing conditions, including regulatory approval. They expect it to close in the fourth quarter of 2021. Stephens Inc., Little Rock, Ark., Has acted as the exclusive financial advisor to Action Fuels.
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