The Charleston-based convenience and fuel retailer entered into an agreement to buy the assets of Albemarle Oil Co. The Albemarle, N.C.-based company operates under the ALCO brand.
ALCO was founded in 1939. Its current owners, Pat Molamphy and Larry Graham, purchased the company in 1999. ALCO owns and operates 28 conveniences stores and eight Dairy Queen quick-service restaurants in North Carolina and South Carolina.
"Pat and Larry have built an exceptional business over the past 22 years and we have a great respect for both of them," said Refuel CEO Mark Jordan. "We are excited to expand our current footprint in the Carolinas and look forward to welcoming their employees to the Refuel family."
Financial details of the transaction, which is expected to close in the third quarter, were not disclosed.
"Albemarle Oil Co. would not be the success it is today if it were not for the dedication of its employees. This is evidenced by the fact that Shell just awarded the company the Best Overall Performance in 2020. We are excited that our company and associates are joining a growing and dynamic organization," said Graham, ALCO co-owner.
Refuel is a portfolio company of First Reserve, a global private equity investment firm exclusively focused on energy. The deal is the eighth acquisition for Refuel since establishing the partnership with First Reserve in May 2019 and brings the total company operated store count to 160 stores.
Most recently, Refuel closed on its acquisition of Texas-based Wag-A-Bag LLC, adding 16 convenience stores to its portfolio.