Mergers & Acquisitions

Refuel to Acquire Wag-A-Bag

Retailer expanding to Texas with 7th deal since early 2019

CHARLESTON, S.C. — Refuel Operating Co. LLC has entered into an agreement to acquire the assets of Wag-A-Bag LLC, which owns and operates 16 convenience stores under the Wag-A-Bag brand in the greater Austin, Texas, market.

The companies did not disclose the financial details of the transaction, which is subject to customary closing conditions, including regulatory approval. They expect the deal to close in third-quarter 2021.

Refuel, a Charleston, S.C.-based retail and wholesale fuel distribution and c-store business, is a growth platform focused on the retail fuel distribution and convenience sector. The transaction represents the seventh acquisition for Refuel, a portfolio company of private equity investment firm First Reserve, since establishing the partnership with First Reserve in May 2019.

Stamford, Conn.-based First Reserve formed Refuel through the acquisition of Refuel Inc. and its six c-stores. 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 completed its fourth acquisition in January when it acquired the assets of Turtle Market 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. In April 2020, Refuel completed the purchase of Indianola, Miss.-based Double Quick Inc. In November 2020, it announced the acquisition of Chapel Hill, N.C.-based Holmes Oil Inc.’s 26 Cruizer’s c-stores in North Carolina.

The Wag-A-Bag acquisition will bring Refuel’s total company-operated store count to 130.

With headquarters in Round Rock, Texas, Wag-A-Bag was founded in 1964 by the Rabb family.

“The Rabb family has built a great company over the years and has established a reputation of providing incredible customer service and a superb shopping experience to its customers,” said Mark Jordan, CEO of Refuel. “We look forward to welcoming their employees to the Refuel family. In addition, we are excited about expanding Refuel’s network of stores into the very attractive and rapidly growing Central Texas market. We are thrilled to add such an exceptional business to the Refuel platform.”

Corner Capital Advisors, Austin, served as the exclusive advisor to Wag-A-Bag.

“I am happy that my family’s business will be in good hands with Refuel, and that my employees have a bright future with a growing company,” said Cary Rabb, CEO of Wag-A-Bag. “I am confident Refuel will continue to provide our customers a first-class experience with our world-class staff. This is a tremendous opportunity for everyone as Austin and Central Texas continue to grow. Many thanks to Corner Capital for its counsel as we analyzed our strategies for Wag-A-Bag.”

Corner Capital founder Andy Weber said, “We believe Cary made a great selection in working with the Refuel team to acquire and continue growing his business as its Texas platform.”

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