FUELED BY A DRIVE TO INNOVATE AND GROW IN THE FAST-PACED CONVENIENCE STORE INDUSTRY
It all started in 1998 when Mark Jordan, a graduate of the Citadel, returned home to Charleston with a newfound passion for the fuel and convenience store industry after working for Road Ranger, based in Rockford, Illinois.
Jordan opened his first convenience store business in his native Charleston, the success of which led to a sale in 2005 to the Pantry. Five years later, Jordan founded Refuel as a new platform for innovation and growth, focusing on high-quality, high-traffic, strategic locations and a brand that builds customer loyalty with exceptional service, attractive settings inside and out, and compelling food service offerings rooted in local traditions.
CEO Mark Jordan opens the first Refuel convenience store and gas station in Charleston, South Carolina.
With Refuel now operating five stores in the Charleston market, Jordan and Travis Smith meet and discover that they share complementary and synergistic ideas for how to drive innovation and growth through an acquisition-based strategy that rolls smaller convenience store properties into a larger entity, achieving advantages of enhanced operational efficiency, scale, and brand building across a wider geographic footprint.
Jordan and Smith partner with the private equity firm First Reserve to form FR Refuel and look to execute on their acquisition-based growth strategy, creating a new entity that absorbs Jordan’s original Refuel operation with enhanced capitalization to support an aggressive, acquisition-based growth strategy.
FR Refuel closes its first two acquisitions, simultaneously absorbing Jordan’s original Refuel operation with Jordan rolling in all of his equity, while closing on the acquisition of the West Oil convenience store assets, gaining 26 more stores to dramatically expand Refuel’s footprint to a total of 31 stores in South Carolina. This creates the initial platform for aggressive growth envisioned by Jordan and Smith with enhanced capitalization and resources from FR Refuel’s financial sponsor, First Reserve.
FR Refuel acquires Bishopville Petroleum, adding two high-volume, high-traffic convenience stores and entering the wholesale fuel distribution space with an operation that, as part of the Refuel family, adds approximately 20 wholesale fuel customers in South Carolina.
With the acquisition of Turtle Market stores in Myrtle Beach, FR Refuel adds two existing high-volume stores to the portfolio and begins construction of a third on the day of the closing.
FR Refuel expands the corporate footprint into the Mississippi/Arkansas market, scaling up dramatically with the acquisition of 48 DoubleQuick stores. This also adds significant brand value to the portfolio, given the high profile and loyal customer base of DoubleQuick stores in the regional market. DoubleQuick’s proprietary fried chicken concept, Hot N’ Crispy Chicken, also adds an impactful new brand to Refuel’s foodservice lineup.
The portfolio grows again with the purchase of 26 high-quality, high-volume Cruizers stores, immediately gaining meaningful presence in the Raleigh-Durham, NC, metropolitan area. Refuel also doubles the size of its wholesale business in this acquisition from Holmes Oil Company, Inc.