Duran Oil Exits Convenience With Sale of JR's Fuel Stop Stores
Alta Convenience will rebrand the eight locations.
TRINIDAD, Colorado — Family-owned Duran Oil is leaving the convenience store industry with the sale of its eight stores.
Alta Convenience, a joint venture of Fortress Investment Group LLC and Philips 66 Co., acquired the stores, currently branded as JR's Fuel Stop, for undisclosed terms.
J.R. Duran started out as a fuel delivery driver in 1957 before opening Duran Oil Co. in 1977 with the help of his wife and son, who assisted him in growing the business.
Ray E. Duran replaced his father as president of Duran Oil in 1993. He and his wife have been running the company since the early 2000s following the passing of his parents, reported NACS.
"Since I have been in this business full time for 48 years, I decided it was time to spend more time with family and to start another adventure," said Ray E. Duran. "The towns where we have operated stores have been good to our employees and the Duran family. Trinidad, Colorado, our hometown, has been wonderful. That is why I never moved away. I look forward to seeing the retail stores grow."
The eight JR's Fuel Stop locations will transition to the Alta brand under the leadership of Alta Convenience President Rich Spresser and Chief Financial Officer Monte McGilvray. The Denver-based company has 152 retail convenience stores and 39 dealer locations in seven states, and markets fuel under the Philips 66, Conoco and Exxon banners.
New York-based Fortress Investment Group is a diversified global investment manager that manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
Houston-based Phillips 66 is a diversified energy manufacturing and logistics company. Using a network of branded marketers and dealers operating approximately 7,500 outlets, its U.S. marketing business supplies fuel under the Phillips 66, 76 and Conoco brands.