Equilon Enterprises LLC, doing business as Shell Oil Products US (Shell), has signed an agreement to increase its equity from 33% to 100% in Tri Star Energy LLC, Shell announced Tuesday.
The deal is expected to be completed by the end of 2026, subject to regulatory clearance and the satisfaction of closing conditions, Shell said.
Rakhee Sharma, Shell U.S. spokesperson, told CSP in an email Tuesday afternoon that “the purchase price will not be disclosed, but it reflects a competitive EBITDA multiple.”
Tri Star Energy is the Nashville-based parent company of convenience-store brands Twice Daily, Sudden Service and Little General. Tri Star Energy also is a fuel distributor operating across the southeastern United States and anchored in the Nashville market.
- Shell is No. 31 on CSP’s 2026 Top 202 U.S. c-store chains by store count. Tri Star Energy is No. 46.
“Once the acquisition is complete, Tri Star Energy will be operated by Texas Petroleum Group LLC, a wholly owned subsidiary of Shell Mobility & Convenience US LLC (SMC). SMC’s portfolio will consist of nearly 550 company-owned convenience retail sites and supply agreements with approximately 650 dealer-owned sites across the southern U.S.,” Shell said in a statement.
The acquisition makes Shell the full owner of an additional 320 fuel and convenience retail sites in Tennessee and surrounding states, as well as supply agreements with 552 more dealer-owned locations, the oil giant said in a statement.
“Tri Star has built a strong business with high-quality assets, a dedicated team and a loyal customer base,” said Machteld de Haan, president of downstream, renewables and energy solutions, Shell plc. “The transaction is fully aligned with our growth strategy to focus capital on businesses in which we have distinctive advantages and can create long-term shareholder value.”
Shell said the investment is in line with its strategy to reallocate capital from lower-return areas to businesses and markets where the company has proven it can deliver strong performance and has clear competitive advantages, as announced at its Capital Markets Day in 2025.
Steve Hostetter, CEO of Tri Star Energy, said, “When you look at all that Tri Star Energy has accomplished, the credit belongs entirely to the incredible teams running our stores and operations every single day. They built these brands one customer and one community at a time, and their hard work is the sole reason we’ve reached this milestone.”
Shell said that 80% of its growth cash capex in the mobility and convenience business will be spent in 10 key markets, such as the U.S., where it generates the majority of its cash flow.
Shell said it is acquiring the remaining interest in Tri Star Energy from The Parman Corp., Kimbro Oil Co. and their subsidiaries.
Shell said it already has the largest branded fuel network in the U.S., with approximately 12,000 primarily wholesaler- and dealer-owned fuel and convenience retail sites across 49 states serving more than 7 million customers daily.
“This acquisition significantly strengthens its company-owned presence in the U.S.,” the company said.
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