Through two separate deals, a South Carolina-based convenience store chain announced it is acquiring eight locations, adding high-quality assets in attractive markets and increasing the chain’s company-operated store count to 215 locations.
The company has entered into a definitive agreement to acquire seven convenience stores operating under the Hop-In brand in the San Antonio market from founders Mike Meghani and Shawn Meghani.
Additionally, Refuel Operating Co. LLC has entered into a definitive agreement to acquire Laneco Express, a convenience store in Yemassee, S.C., from owners Melvin O. Lane III and Edith Robertson.
“We are extremely excited to further expand Refuel’s presence in the greater San Antonio, Texas market. The Meghani brothers have built a great business over the years. We are equally as excited to purchase Laneco Express in South Carolina. Much of Refuel’s success has been our ability to find accretive acquisitions no matter the size. Both acquisitions represent high-quality stores that follow our values of convenience, quality, family, growth and results,” said Mark Jordan, CEO of Refuel.
Financial details of the transactions were not disclosed. Both acquisitions are subject to customary closing conditions, including regulatory approval, and are expected to close in the second quarter of 2023.
These transactions represent Refuel’s 15th and 16th acquisitions since establishing the partnership with First Reserve in May 2019, bringing the total store count to 215 company-operated locations across Texas, Mississippi, Arkansas, South Carolina and North Carolina.
Charleston, S.C.- based Refuel is a portfolio company of First Reserve, a global private equity investment firm focusing on the energy and industrial value chains. It is a growth platform focused on the highly fragmented retail fuel distribution and c-store sector.