CHARLESTON, S.C. — Refuel Operating Co. is expanding its footprint into two new states with its agreement to acquire Double Quick Inc.
Double Quick is an Indianola, Miss.-based retail fuel distribution and convenience store chain. It operates 48 conveniences stores and is a Church's Chicken and Krystal quick-service franchisee across Western Mississippi and Eastern Arkansas.
Double Quick's management team includes Tom Gresham as CEO and managing partner, and Bill McPherson as managing partner.
"Tom and Bill have built a wonderful company and we are extremely excited to welcome their employees to the Refuel family. Double Quick has a strong brand and an established footprint that provides density as we enter the Mississippi and Arkansas markets," said Refuel CEO Mark Jordan.
"Double Quick excels in foodservice and has a reputation for first-class customer service which we feel is highly complementary to the Refuel platform. We are excited to see what 2020 brings," he added.
Charleston-based Refuel is a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy.
"While it was a bittersweet decision to sell Double Quick, we believe that Mark, Travis Smith, and the greater Refuel team will be great long-term stewards of the Double Quick brand and legacy that we have instilled in the local communities throughout our markets," Gresham said.
Financial details of the transactions were not disclosed. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the second quarter.
Matrix Capital Markets Group Inc. is the exclusive financial advisor for Double Quick.
The Double Quick transaction marks the fifth acquisition for Refuel since it established a partnership with First Reserve in May. The deal brings its company-operated store count to 83.
It follows on the heels of its acquisition of the Turtle Market assets in Myrtle Beach, S.C., which included two high-volume c-stores, one site currently under construction and one future development location that is set to begin construction this year.
Refuel's current development pipeline consists of 12 new stores, many of which will be open prior to the end of 2020. Most of those stores are located in the Charleston area including Mt. Pleasant, Point Hope, Nexton, Carnes Crossroads and Summerville. Refuel is also expanding in the Myrtle Beach, Beaufort, Bluffton and Hilton Head markets.
Refuel began 2019 with five convenience stores, and 12 months later it is on track to pass the 100-store milestone by yearend 2020.