Charleston, S.C.-based Refuel Operating Co. has entered into an agreement to acquire the assets of Wag-A-Bag, a Texas-based c-store and retail fuel business.
Refuel is a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy.
Headquartered in Round Rock, Texas, Wag-A-Bag was founded in 1964 by the Rabb family. Wag-A-Bag owns and operates 16 conveniences stores located in the greater Austin market.
“The Rabb family has built a great company over the years and has established a reputation of providing incredible customer service and a superb shopping experience to its customers,” said Mark Jordan, CEO of Refuel. “We look forward to welcoming their employees to the Refuel family. In addition, we are excited about expanding Refuel’s network of stores into the very attractive and rapidly growing Central Texas market. We are thrilled to add such an exceptional business to the Refuel platform.”
“I am happy that my family’s business will be in good hands with Refuel, and that my employees have a bright future with a growing company,” said Cary Rabb, CEO of Wag-A-Bag. “I am confident Refuel will continue to provide our customers a first-class experience with our world class staff. This is a tremendous opportunity for everyone as Austin and Central Texas continue to grow. Many thanks to Corner Capital for its counsel as we analyzed our strategies for Wag-A-Bag.”
The transaction represents the seventh acquisition for Refuel since establishing the partnership with First Reserve in May 2019 and brings the total company operated store count to 130 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 third quarter of 2021.