Charleston, S.C.-based Refuel Operating Co. announced that it has acquired the assets of North Carolina-based c-store chain Premier Stores, which operates under the Great Stops brand. The transaction closed on Aug. 2, 2022 and included six convenience stores located in the Greensboro, N.C., market.
Additionally, Refuel announced that it has entered into an agreement to acquire the assets of The Whalen Corp. (Whalen’s), a North Carolina-based convenience store chain. The transaction includes three convenience stores located in the Raleigh-Durham, N.C., market and is expected to close in Q4 2022. Southeastern Acquisition Advisors, based in North Carolina, provided sell-side merger and acquisition services to Whalen’s for the transaction.
The Whalen family issued a joint statement. “The Whalen family is filled with gratitude as we complete this process with Refuel. We owe that gratitude to our many dedicated employees, who have kept the business running each day; to our loyal customers, without whom Whalen’s would not exist; and to our family members-turned-coworkers, who have been there for every step, big and small. We are confident that Refuel will offer great opportunities for our team of employees and continue to provide the excellent experience that Whalen’s customers have come to know,” they said.
The transactions represent the 12th and 13th acquisitions for Refuel since establishing the partnership with First Reserve in May 2019, bringing the total store count to 195 company-operated locations across Texas, Mississippi, Arkansas, South Carolina and North Carolina.
“We are extremely excited to enter a new, adjacent market with the Great Stops acquisition and expand our current footprint in the attractive Raleigh-Durham market with Whalen’s. Both acquisitions represent high-quality stores that are a strong fit with the Refuel portfolio. We are excited to welcome both teams to the Refuel family,” stated Mark Jordan, CEO of Refuel.
Refuel is a growth platform focused on the highly fragmented retail fuel distribution and convenience store sector.
