Refuel Operating Co. announced that it has acquired certain assets of Texas-based wholesale and retail fuel distribution and convenience chain Embark Energy. Embark has 11 conveniences stores situated in the greater Austin, Texas, market operating under the Fast Break brand, along with four company-owned, dealer-operated locations. Embark is also a wholesale provider of motor fuels.
Headquartered in Austin, Embark was founded in 1996 by current owners Ismail Ali, Iqbal Ali and Mohammed Ali.
“The Ali family has built a wonderful company in an incredible market over the past 26 years,” said Mark Jordan, CEO of Refuel. “We are extremely excited to expand our current footprint in the high-growth central Texas market and look forward to welcoming Embark’s employees to the Refuel family.”
“We are grateful to our loyal customers and team members for their support and dedication for over two decades. Our family and business partners are excited for our team members to join a dynamic organization like Refuel to continue their personal and professional growth,” said Mohammed Ali and Iqbal Ali in a joint statement from Embark. “Embark was purposeful in choosing Refuel as a steward of our family assets and we have been impressed by the care exhibited during each step of our journey. We cannot imagine a better partner as Refuel has similar operating values and commitment to our dedicated employees and loyal customers.”
The transaction represents the 11th acquisition for Refuel since establishing the partnership with First Reserve in May 2019, bringing its total store count to 185 company-operated locations across Texas, Mississippi, Arkansas, South Carolina and North Carolina.
Additionally, Refuel has announced the hiring of Tim Rupp as chief operating officer. Rupp joins Refuel after spending 31 years at Speedway. While at Speedway, Rupp held a variety of leadership roles including, most recently, senior vice president of merchandise and marketing, and spent the past year assisting 7-Eleven with the integration of the Speedway acquisition.
“I am incredibly pleased that Tim has joined our senior leadership team. He is a talented executive who has spent his career operating in the convenience industry at one of the largest chains in the United States,” said Jordan. “As we continue to execute our growth strategy, Tim will be instrumental in ensuring that we continue to deliver strong performance and a high-quality experience for our customers.”
Refuel is a portfolio company of First Reserve, a global private equity investment firm with a focus on the energy and industrial value chains. It is a growth platform focused on the highly fragmented retail fuel distribution and convenience store sector.
