Refuel Operating Co. LLC is acquiring eight convenience stores through two separate deals. The retail and wholesale fuels distribution and convenience-store company has entered into a definitive agreement to acquire seven locations operating under the Hop-In brand in the San Antonio market from founders Mike Meghani and Shawn Meghani. It has also entered into a definitive agreement to acquire Laneco Express, a c-store in Yemassee, South Carolina, from owners Melvin O. Lane III and Edith Robertson.
“We are extremely excited to further expand Refuel’s presence in the greater San Antonio, Texas, market. The Meghani brothers have built a great business over the years. We are equally as excited to purchase Laneco Express in South Carolina,” Mark Jordan, CEO of Refuel, said. “Much of Refuel’s success has been our ability to find accretive acquisitions no matter the size. Both acquisitions represent high-quality stores that follow our values of convenience, quality, family, growth and results.”
The companies did not disclose the financial details of the transactions. Both acquisitions are subject to customary closing conditions, including regulatory approval. Refuel expects to close the deals in second-quarter 2023.
- Refuel is No. 40 in CSP’s 2023 Top 40 update to the 2022 Top 202 ranking of U.S. c-store chains by total number of company-owned retail locations. Watch for the full 2023 ranking in June.
These transactions represent Refuel’s 15th and 16th acquisitions since establishing the partnership with First Reserve in May 2019, bringing its total store count to 215 company-operated locations across Texas, Mississippi, Arkansas, South Carolina and North Carolina.
Charleston, South Carolina-based Refuel is a portfolio company of First Reserve, a global private equity investment firm focusing on the energy and industrial value chains. It is a growth platform focused on the highly fragmented retail fuel distribution and c-store sector.
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