Transactions create a more efficient capital structure and position the Company for continued growth
CHARLESTON, S.C., September 22, 2026 — Refuel Operating Company, LLC (“Refuel” or the “Company”), a leading convenience store and retail fuel owner and operator and a portfolio company of First Reserve, today announced the completion of a $260.9 million sale-leaseback transaction with Getty Realty Corp. (NYSE: GTY), together with the closing of a new senior secured credit facility refinancing the Company’s existing debt.
Under the sale-leaseback transaction, Getty Realty acquired the real estate of a portfolio of 41 Refuel convenience retail properties. Refuel will continue to operate all locations under long-term leases, with no change to how the stores are managed or operated.
The transactions create a more balanced mix of owned versus leased real estate while preserving a substantial owned real estate portfolio. The new credit facility is expected to materially reduce Refuel’s annual interest expense, meaningfully improving the Company’s financial position as the Company continues executing its long-term strategy.
“Since inception, Refuel has been focused on assembling a portfolio of high-quality stores in attractive markets with significant real estate ownership. This transaction exemplifies the benefits of that strategy, allowing us to unlock significant value while maintaining a highly attractive network of stores and a strong balance sheet” said Travis Smith and Jon Rier, Co-Chief Executive Officers of Refuel. “We are pleased to partner with Getty and our longtime bank group led by Citizens. Our focus remains what it has always been, investing in our people, our stores and the long-term growth of Refuel in service of our customers.”
Citizens Bank, N.A. (“Citizens”), a subsidiary of Citizens Financial Group, Inc. (NYSE: CFG), serves as administrative agent for the new credit facility, with Bank of Montreal, Fifth Third Bank, Pinnacle Bank and Wells Fargo joining Citizens as joint lead arrangers.
About Refuel
Refuel is a leading retail and convenience platform operating approximately 250 locations across the Southeastern United States. With a focus on delivering high-quality service, innovative food and beverage offerings and a superior customer experience, Refuel has rapidly expanded through both organic growth and strategic acquisitions while maintaining a strong commitment to its people-first culture. Refuel is a portfolio company of First Reserve. For more information, visit www.refuelmarket.com.
About First Reserve
First Reserve is a leading private equity firm investing across Infrastructure Solutions, Value-Added Infrastructure and Resources strategies, with exposure in energy, utility and industrial markets. Founded in 1983, First Reserve has more than 40 years of industry insight and has cultivated a differentiated network of relationships and portfolio exposure. Since inception, First Reserve has raised more than $35 billion of aggregate capital and has developed operational expertise through more than 750 transactions, including platform investments and add-on acquisitions. Please visit www.firstreserve.com for further information.
Media Contact:
Jordan Faulk
General Counsel
jfaulk@refuelmarket.com