The successful closing of First Reserve Refuel Fund has provided Refuel, a buy-and-build platform with over 170 operated convenience stores located across the Southeastern U.S., a $511 million capital influx. The Fund provides additional dry powder for Refuel to continue pursuing its acquisition-driven growth strategy.
The Fund was led by the Goldman Sachs Asset Management Vintage Funds, and existing First Reserve limited partners were provided the option to take liquidity or participate in the continued growth of Refuel.
“Sixpoint is proud to have represented First Reserve in this innovative transaction, and of the strong outcome achieved for all parties. Refuel is a blue-chip asset that will benefit from more capital and time to continue and accelerate its growth trajectory,” said Eric Zoller, founder and partner at Sixpoint Partners, which served as global exclusive placement agent for the closing of the single-asset continuation vehicle.
“First Reserve is appreciative of the strong support and demand received from the limited partner community throughout the fundraise,” said Neil Wizel, partner at First Reserve, a middle-market private equity firm with a focus on the energy and industrials sectors. “We are excited to continue to partner with the Refuel management team to execute on our growth strategy. The additional capital is intended to fund expansion of the business as we continue to focus on building a leading U.S. convenience store brand.”
Mark Jordan, Refuel CEO, opened the first Refuel c-store and gas station in Charleston, S.C. in May 2010. Since then, the company has embarked on a series of acquisitions, such as Bishopville Petroleum Co. and Double Quick.