Dive Brief:
- Refuel Operating Co. has agreed to acquire the assets of Eagles Enterprise, a 13-location convenience-store chain based in Raleigh, North Carolina, for an undisclosed amount, according to a Thursday announcement.
- All 13 c-stores included in the transaction are located within the greater regions of Raleigh-Durham and Greensboro, North Carolina. The companies expect the deal to close in the fourth quarter of 2022, subject to customary closing conditions, including regulatory approval.
- The move brings Refuel’s total c-store count to 208, firmly placing it within the top 40 largest c-store chains in the U.S.
Dive Insight:
Refuel already operates about 87 c-stores in North Carolina, meaning the acquisition will bring its store count in the state to 100.
“We are extremely excited to expand our existing footprint in the attractive Raleigh-Durham market,” Mark Jordan, CEO of Refuel, said in the announcement.
Charleston, South Carolina-based Refuel was founded in 2010 and only had five stores in its network as of 2016. The company has grown significantly over the past six years from what it calls an “acquisition-based growth strategy,” according to its website.
Refuel’s acquisition of Eagles Enterprise will be its 14th since 2019, when it established a partnership with private equity investment firm First Reserve as part of a retail fuel distribution investment platform. In January 2022, Refuel received a $511 million capital infusion to continue supporting its acquisition strategy. Refuel’s most recent additions came in August, when it acquired nine stores in North Carolina from Premier Stores and The Whalen Corp.
“We aren’t slowing down anytime soon,” the company has said regarding its growth strategy.
Although most of its c-store network is in the Carolinas, Refuel also operates c-stores in Texas, Mississippi and Arkansas.
Family owned and operated Eagles Enterprise opened its first c-store in 1994.
