Refuel announces agreement to acquire operating assets of Holmes Oil, Inc.

November 13, 2020

CHARLESTON, SC – Refuel Operating Company, LLC (“Refuel”), a Charleston, South Carolina-based retail and wholesale fuel distribution and convenience store business, today announced that it has entered into an agreement to acquire the assets of Holmes Oil, Inc (“Holmes Oil”), a North Carolina-based convenience store and fuel distribution business.

Refuel is a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy.

Holmes Oil was founded in 1997 by Edward Holmes when he purchased Kenan Oil Company and is based in Chapel Hill, North Carolina. The company owns and operates 26 convenience stores located in the greater Raleigh-Durham market operating under the “Cruizers” brand and also operates a wholesale distributorship for ExxonMobil and Valero motor fuels.

The transaction represents the sixth acquisition for Refuel since establishing the partnership with First Reserve in May 2019 and brings the total company operated store count to 113 stores.

 

About Refuel

Refuel is a growth platform focused on the highly fragmented retail fuel distribution and convenience store sector. Please visit www.refuelmarket.com for further information.