Mergers & Acquisitions

Alta Convenience Acquires Duran Oil’s JR’s Retail Stores

Joint venture picks up 8 retail locations in Colorado and New Mexico
alta convenience
Photograph courtesy of Alta Convenience

Alta Convenience, a joint venture between affiliates of Fortress Investment Group LLC and Phillips 66 Co., has acquired 8 convenience stores owned by Duran Oil that operate under the JR’s Fuel Stop name.

After closing, President Rich Spresser and CFO Monte McGilvray will work to integrate Trinidad, Colorado-based Duran Oil Co. retail sites into Denver-based Alta, they said.

J.R. (Ray) Duran began delivering fuel as a bobtail driver back in 1957. In 1977, he founded Duran Oil Co. with his wife, Lidia Duran, and his son, Ray E. Duran. J.R. Duran also co-founded J.R.'s Country Stores in southern Colorado.

Ray E. Duran took over as president in 1993 from his father. Lidia Duran and J.R. Duran passed away in 2001 and 2005, respectively; Ray Duran and his wife, Christina Duran, have been running the company.

“Since I have been in this business full time for 48 years, I decided it was time to spend more time with family and to start another adventure,” Ray Duran said regarding his reason for selling the stores. “The towns where we have operated stores have been good to our employees and the Duran family. Trinidad, Colorado, our hometown, has been wonderful. That is why I never moved away. I look forward to seeing the retail stores grow with Rich Spresser’s further stewardship. I am excited to see the businesses continue with such well-respected organizations,” said Duran.

Trefethen Advisors, based in Scottsdale, Ariz., provided advisory services to Alta Convenience. Bill Trefethen, managing partner of Trefethen Advisors, managed the transaction with Matt Fischer, managing director.

Jason Keith of BRC Real Estate, Lakewood, Colorado, represented Duran Oil in the transaction.

  • Alta Convenience isNo. 53 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by size.

CF Altitude LLC, doing business as Alta Convenience, has 152 retail convenience stores and 39 dealer locations in seven states, Colorado, Kansas, Nebraska, Missouri, Illinois, Wyoming and New Mexico, and markets fuel under brands including Phillips 66, Conoco and Exxon. A joint venture between affiliates of Fortress Investment Group LLC and Phillips 66 purchased the company in January 2021.

Fortress Investment Group is a diversified global investment manager with approximately $44 billion of assets under management as of March 31, 2023. Founded in 1998, the New York-based firm manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.

Houston-based Phillips 66 is a diversified energy manufacturing and logistics company. Using a network of branded marketers and dealers operating approximately 7,500 outlets, its U.S. marketing business supplies fuel under the Phillips 66, 76 and Conoco brands.

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