CHARLESTON, S.C. — Retail and wholesale fuel distribution and convenience-store business Refuel Operating Co. LLC has entered into an agreement to acquire Double Quick Inc., an Indianola, Miss.-based retail fuel distribution and c-store chain.
Tom Gresham and Bill McPherson of Gresham Petroleum founded Double Quick in 1983. It operates 48 stores and is a Church’s Chicken and Krystal quick-service restaurant franchisee in western Mississippi and eastern Arkansas.
“While it was a bittersweet decision to sell Double Quick, we believe that Mark [Jordan], Travis Smith and the greater Refuel team will be great long-term stewards of the Double Quick brand and legacy that we have instilled in the local communities throughout our markets,” said Tom Gresham, CEO and managing partner.
“Tom and Bill have built a wonderful company, and we are extremely excited to welcome their employees to the Refuel family,” said Jordan, CEO of Refuel. “Double Quick has a strong brand and an established footprint that provides density as we enter the Mississippi and Arkansas markets. Double Quick excels in foodservice and has a reputation for first-class customer service, which we feel is highly complementary to the Refuel platform. We are excited to see what 2020 brings.”
Refuel plans to keep the Double Quick name, according to a report by The Enterprise-Tocsin.
The companies did not disclose the financial details of the transaction, which is subject to customary closing conditions, including regulatory approval, and is expected to close in second-quarter 2020. Matrix Capital Markets Group Inc., Richmond, Va., is the exclusive financial adviser for Double Quick.
The transaction represents the fifth acquisition for Charleston, S.C.-based Refuel since its private equity sponsor, First Reserve, Stamford, Conn., formed Refuel Operating Co. through the acquisition of Charleston, S.C.-based Refuel Inc. and its six c-stores in early 2019. It immediately acquired West Oil Inc., Hartsville, S.C., with 25 c-stores. In June 2019, Refuel acquired Bishopville Petroleum Co. Inc., Bishopville, S.C., adding two more c-stores.
Refuel finalized its fourth acquisition in January when it acquired the Turtle Market assets in Myrtle Beach, S.C., consisting of two high-volume c-stores as well as one site currently under construction and one location that is set to begin construction in 2020.
The Double Quick deal will bring the total company-operated store count to 83 stores.
Refuel’s current development pipeline consists of 12 new stores, many of which will be open this year. Most of these stores are in the Charleston area, including Mount Pleasant, Point Hope, Nexton, Carnes Crossroads and Summerville, S.C. The company is also expanding in the Myrtle Beach, Beaufort, Bluffton and Hilton Head, S.C., markets.
Refuel, a growth platform focused on the highly fragmented retail fuel distribution and convenience store sector, is on track to surpass the 100-store milestone by the end of 2020, with new builds and additional acquisitions in the pipeline.