CHARLESTON, S.C. — Refuel Operating Co. LLC has entered into an agreement to acquire the assets of Action Fuels LP, a San Antonio-based wholesale and retail fuel distribution and convenience-store chain, including nine c-stores under the Buck’s brand.
Founded in 1984 and purchased in 1994 by current owners Boyd Bruchmiller, Brian Williams, and Chris Pipes, Action Fuels owns and operates the Buck’s stores in the greater San Antonio and south Texas market and is a wholesale provider of motor fuels.
“Boyd, Brian and Chris have built a wonderful company over the past 27 years,” Mark Jordan, CEO of Refuel, said. “We are extremely excited to expand our current footprint in Texas and look forward to welcoming their employees to the Refuel family.”
In a joint statement, Bruchmiller, Williams and Pipes said, “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.”
Charleston, S.C.-based Refuel, a retail and wholesale fuel distribution and c-store business, is a portfolio company of First Reserve, a private equity investment firm focused on energy.
The transaction represents the ninth acquisition for Refuel since establishing the partnership with First Reserve in May 2019. In addition to the Action Fuels transaction, Refuel will also open three new locations in the Carolinas this month bringing the total company-operated store count to 172 locations.
The companies did not disclose the financial details of the transaction, which is subject to customary closing conditions, including regulatory approval. They expect it to close in fourth-quarter of 2021. Stephens Inc., Little Rock, Ark., acted as the exclusive financial advisor to Action Fuels.