Riiser Fuels grows store count to 45 in two months with R-Store and Mad Max acquisitions.
Riiser Fuels Holdings LLC has acquired all 11 convenience stores of Saukville, Wis.-based Mad Max Convenience Stores.
Janiece Maxwell, president and co-owner of Mad Max Convenience Stores said they had planned on growing the Mad Max chain of convenience stores beyond the 11 stores they presently owned, but when approached by Riiser Fuels Holdings, it appeared to be a good fit for them to exit as owners, and for the Mad Max employees to be able to work with a local and established convenience store chain as Riiser Fuels.
“The time was right to sell even though I was looking at additional locations for ground ups and existing sites,” Steve Magestro, president and co-owner of Mad Max Convenience Stores told CSD.
Riiser Fuels is based out of Wausau, Wis. and presently operates 34 convenience stores throughout the Wisconsin area. Riiser Fuels is an investment group formed by Don Draughon and J.D. Dykstra in June to acquire Wisconsin-based Riiser Energy and its 34 R-Store convenience stores, according to WSAU News.
Riiser Fuels agreed to hire all 320 employees following the Riiser Energy acquisition, according to a report by Fox News. Riiser Fuels also plans to keep all of the Mad Max employees, Magestro said. “That was very important to us. I think that the Mad Max team will really help the Riiser group as we have solid people in the right positions and they in turn have good teams at the store level. I think it will be a great fit.”
Mad Max Convenience Stores was advised in the transaction by Terry Monroe of American Business Brokers & Advisors, Effingham, Ill. and Bill Fecht of WJF Services Inc., Normal, Ill.
In August 2017, it was originally announced that Des Moines, Iowa-based Yesway was planning to purchase nine of the 11 Mad Max Convenience Stores with the deal expected to close in October 2017, but that transaction did not go through as planned.