CHARLESTON, SC – November 11, 2020 – Refuel Operating Company, LLC (“Refuel”), a Charleston, South Carolina-based retail and wholesale fuel distribution and convenience store business, today announced that it has entered into an agreement to acquire the assets of Holmes Oil, Inc (“Holmes Oil”), a North Carolina-based convenience store and fuel distribution business.
Refuel is a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy.
Holmes Oil was founded in 1997 by Edward Holmes when he purchased Kenan Oil Company and is based in Chapel Hill, North Carolina. The company owns and operates 26 convenience stores located in the greater Raleigh-Durham market operating under the “Cruizers” brand and also operates a wholesale distributorship for ExxonMobil and Valero motor fuels.
Mark Jordan, CEO of Refuel, stated, “Edward has built a wonderful company over the years and we are extremely excited to welcome their employees to the Refuel family. Cruizers has an established footprint in the attractive Raleigh-Durham market and provides us with immediate density as Refuel expands into North Carolina. Cruizers has a laser focus on customer service and delivers a great shopping experience to its customers. We are thrilled to add such an exceptional business to the Refuel platform.”
Edward Holmes, CEO of Cruizers, stated, “This transaction is a great tribute to Cruizers great people. This company was built by the amazing store teams, great managers, an extraordinary home office staff and unbelievable senior leaders, to whom I’m profoundly grateful. Refuel is a company of great people who will take Cruizers into an even brighter ever-changing future. Customer delight has been our mission and they will take it to a new level. Great transition for all.”
The transaction represents the sixth acquisition for Refuel since establishing the partnership with First Reserve in May 2019 and brings the total company operated store count to 113 stores.
Financial details of the transactions were not disclosed. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the fourth quarter of 2020.
BMO Capital Markets acted as the exclusive financial advisor and Manning Fulton & Skinner acted as legal counsel to Holmes Oil in the transaction. Locke Lord, LLP and Womble Bond Dickinson acted as legal counsel to Refuel.
Refuel is a growth platform focused on the highly fragmented retail fuel distribution and convenience store sector. Please visit www.refuelmarket.com for further information.