USA: Refuel to acquire ALCO’s 28 stores in Carolinas

South Carolina-based Refuel’s eigth acquisiton raises the company’s total operated store count to 160, strengthening the brand’s presence in Carolinas.

Refuel Operating Co., a South Carolina-based retail and wholesale fuel distribution and convenience store operator, entered into an agreement to acquire the assets of Albemarle Oil Co., a North Carolina-based convenience store and retail fuel business operating under the ALCO brand.

Founded in 1939 and headquartered in Albemarle, North Carolina, ALCO owns and operates 28 c-stores and 8 Dairy Queen quick service restaurants, all located in the Carolinas.

The deal raises Refuel’s total company operated store count to 160. The transaction is Refuel’s eight acquisiton since establishing its partnership in May 2019 with First Reserve, a global private equity investment firm exclusively focused on energy.

Financial details of the acquisition were not disclosed. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the third quarter of 2021.