Refuel Adds New State to Its Operating Footprint
CHARLESTON, S.C. — Refuel Operating Co. LLC is expanding its retail footprint with the acquisition of Wag-A-Bag LLC.
Headquartered in Round Rock, Texas, Wag-A-Bag was founded in 1964 by the Rabb family. It owns and operates 16 conveniences stores located in the greater Austin market.
"I am happy that my family's business will be in good hands with Refuel, and that my employees have a bright future with a growing company. I am confident Refuel will continue to provide our customers a first-class experience with our world class staff," said Wag-A-Bag CEO Cary Rabb. "This is a tremendous opportunity for everyone as Austin and central Texas continue to grow. Many thanks to Corner Capital for its counsel as we analyzed our strategies for Wag-A-Bag."
Refuel was founded as FR Refuel LLC in 2016 with five locations around the Charleston area. In 2019, it established a partnership with First Reserve, a global private equity investment firm exclusively focused on energy, and has since made seven acquisitions.
Today, the company's total operating store count is 130 and has expanded the retailer's footprint further into South Carolina, the Raleigh-Durham, N.C., and Mississippi-Arkansas markets, and now, Texas.
"The Rabb family has built a great company over the years and has established a reputation of providing incredible customer service and a superb shopping experience to its customers," said Refuel CEO Mark Jordan. "We look forward to welcoming their employees to the Refuel family. In addition, we are excited about expanding Refuel's network of stores into the very attractive and rapidly growing central Texas market. We are thrilled to add such an exceptional business to the Refuel platform."
"We believe Cary made a great selection in working with the Refuel team to acquire and continue growing his business as its Texas platform, and we are grateful to have assisted Cary and his family throughout the process," commented Andy Weber, Corner Capital Advisor, exclusive advisor to Wag-A-Bag.
Financial details of the transaction were not disclosed. Subject to customary closing conditions, including regulatory approval, the deal is expected to close in the third quarter of 2021.