DENVER — Alta Convenience, a joint venture between Fortress Investment Group LLC and Phillips 66 Co., has acquired Red Horse Oil’s five Get ‘N Go Stores.
Rock Springs, Wyo.-based Red Horse, founded by Robert and Christian Bunning, has been a petroleum marketer and convenience-store retailer in Wyoming for more than 60 years. The seller, Jay Schneiders, acquired the company 10 years ago.
“While it was time for the me to monetize my investment, I look forward to seeing Red Horse grow with Rich’s further stewardship. I am excited to see the businesses continue with such well-respected organizations,” said Schneiders.
*Alta is No. 65 on CSP’s 2020 Top 202rankingof U.S. c-store chains by store count.
After closing, President Rich Spresser and CFO Monte McGilvray will work to integrate Red Horse into Denver-based Alta, they said.
Investment bank 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.
“The current ownership group and management team, led by President Rich Spresser, have grown and significantly improved the chain,” said Trefethen.
CF Altitude LLC, doing business as Alta Convenience, has 106 convenience stores located in four states, Colorado, Kansas, Nebraska and New Mexico, and markets fuel under brands including Phillips 66, Conoco and Exxon. A joint venture between Fortress and Phillips 66 purchased the company in January 2021.
Fortress Investment Group is a diversified global investment manager with approximately $52.7 billion of assets under management. 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.
In 2014, Fortress Investment Group acquired United Oil Co., Gardena, Calif., which operated more than 130 sites in the Los Angeles and San Diego metropolitan areas. United Oil, renamed United Pacific, in 2015 acquired a portfolio of 251 c-stores from Pacific Convenience & Fuels, Pleasanton, Calif. United Pacific, now based in Long Beach, Calif., is No. 17 on CSP’s 2021 Top 40 update of the 2020 Top 202 ranking.
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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