Refuel Announces New Acquisition, Expanding Texas Footprint
The deal for Action Fuels LP includes nine Buck's Food and Fuel sites.
CHARLESTON, S.C. — Refuel Operating Co. LLC is growing its footprint once again.
The South Carolina-based operator has entered into an agreement to acquire the assets of Action Fuels LP, a San Antonio, Texas-based wholesale and retail fuel distributor and convenience store operator.
Founded in 1984 and purchased in 1994 by current owners Boyd Bruchmiller, Brian Williams and Chris Pipes, Action Fuels operates nine c-stores situated in the greater San Antonio and south Texas market operating under the Buck's Food and Fuel brand. It is also a wholesale provider of motor fuels.
"Buck's Food and Fuel has served the south Texas market for many years — with the excellence of our employees and dedication of our customers. We expect that Refuel will continue serving this market with distinction in the years to come. We cannot imagine a better steward of Buck's as Refuel has similar operating values and commitment to our dedicated employees and loyal customers," Action Fuels said in a statement.
Financial details of the transaction were not disclosed. It is subject to customary closing conditions, including regulatory approval, and is expected to close in the fourth quarter of 2021.
"Boyd, Brian and Chris have built a wonderful company over the past 27 years," said Refuel CEO Mark Jordan. "We are extremely excited to expand our current footprint in Texas and look forward to welcoming their employees to the Refuel family."
Stephens Inc. acted as the exclusive financial advisor to Action Fuels.
In addition to the deal, Refuel will open three new locations in the Carolinas this month bringing the total company operated store count to 172 locations.
Refuel is a portfolio company of First Reserve, a global private equity investment firm exclusively focused on energy. The deal is the ninth acquisition for Refuel since establishing its partnership with First Reserve in May 2019 and brings the total company operated store count to 172 stores.