Dive Brief:
- Alta Convenience, a joint venture between Phillips 66 Co. and investment firm Fortress Investment Group, has acquired eight convenience stores from Duran Oil, according to a recent announcement.
- The eight stores under the JR’s Fuel Stops banner are located throughout Colorado and New Mexico, according to the announcement. Trinidad, Colorado-based Duran Oil is exiting the retail business as the acquisition closes.
- This marks Alta’s first acquisition in nearly two years as the company continues to grow within its seven-state footprint.
Dive Insight:
Shortly after Alta — which originally operated as Pester Marketing Co. — was acquired by Phillips 66 and Fortress Investment in early 2021, the retailer purchased Western Oil’s 46 Petro-Mart c-stores and 39 wholesale dealers, as well as the entire Get ‘N Go Stores business from Red Horse Oil.
Since then, the retailer has remained quiet on the M&A front. Its latest acquisition, though on the smaller side, continues its growth in the western United States, where it has more than 150 locations. Besides Colorado and New Mexico, the retailer also operates in Kansas, Nebraska, Missouri, Illinois and Wyoming.
Rich Spresser and Monte McGilvray, president and chief financial officer of Alta respectively, will lead the rebranding of JR Fuel Stops to the Alta banner, according to the announcement.
Duran Oil was founded in 1977 and had been family owned and operated since its first days. The company’s current president, Ray E. Duran, took over in the early 2000s, and the executive plans to spend more time with his family after leaving the retail business.
“The towns where we have operated stores have been good to our employees and the Duran family,” Duran said in the announcement. “Trinidad, Colorado, our hometown, has been wonderful… I look forward to seeing the retail stores grow.”
