Refuel to acquire ALCO
CHARLESTON, South Carolina – Refuel Operating Co. LLC has entered into an agreement to acquire the assets of Albemarle Oil Co., a North Carolina-based convenience store and fuel retail company operating under the ALCO brand. ALCO owns and operates 28 convenience stores and 8 Dairy Queen quick service restaurants, all in North Carolina and South Carolina.
Refuel, based in Charleston, South Carolina, a fuel distribution and retail and wholesale company, is a holding company of First Reserve, Stamford, Connecticut, a global private equity investment firm exclusively energy-oriented.
Based in Albemarle, North Carolina, ALCO was founded in 1939 and purchased by current owners Pat Molamphy and Larry Graham in 1999.
“Pat and Larry have built an exceptional business over the past 22 years and we have great respect for both of them,” said Mark Jordan, CEO of Refuel. “We are excited to expand our current footprint in the Carolinas and look forward to welcoming their employees to the Refuel family. “
Larry Graham, President of ALCO, said: “Albemarle Oil Co. would not have the success it enjoys today without the dedication of its employees. This is evidenced by the fact that Shell has just recognized the company for the best overall performance in 2020. We are delighted that our company and its associates are joining a growing and dynamic organization.
The transaction represents Refuel’s eighth acquisition since the partnership with First Reserve was established in May 2019 and brings the total number of stores operated by the company to 160 stores.
Other recent acquisitions include the Double Quick and Wag-A-Bag chain and Cruizer convenience stores from Holmes Oil Co.
The companies have not disclosed financial details of the transactions, which are subject to customary closing conditions, including regulatory approval, and the companies expect them to close in the third quarter of 2021.
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