Refuel Operating Co., a Charleston, S.C.-based retail and wholesale fuel distribution and convenience store business, has entered into an agreement to acquire the assets of Action Fuels, a Texas-based wholesale and retail fuel distribution and convenience store chain.
Refuel is a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy.
Headquartered in San Antonio, Texas, Action Fuels was founded in 1984 and purchased in 1994 by current owners Boyd Bruchmiller, Brian Williams and Chris Pipes. The company has expanded over the years and now owns and operates nine conveniences stores situated in the greater San Antonio and south Texas market operating under the “Buck’s” brand and is a wholesale provider of motor fuels.
“Boyd, Brian and Chris have built a wonderful company over the past 27 years. We are extremely excited to expand our current footprint in Texas and look forward to welcoming their employees to the Refuel family,” Mark Jordan, CEO of Refuel, stated.
“Buck’s Food and Fuel has served the south Texas market for many years — with the excellence of our employees and dedication of our customers,” said Boyd Bruchmiller, Brian Williams and Chris Pipes in a joint statement. “We expect that Refuel will continue serving this market with distinction in the years to come. We cannot imagine a better steward of Buck’s as Refuel has similar operating values and commitment to our dedicated employees and loyal customers.”
The transaction represents the ninth acquisition for Refuel since establishing the partnership with First Reserve in May 2019. In addition to the Action Fuels transaction, Refuel will also open three new locations in the Carolinas this month, bringing the total company operated store count to 172 locations.