CHARLESTON, S.C.—Refuel Operating Co. said it has agreed to acquire Double Quick Inc., a Mississippi-based retail fuel distribution and convenience store chain that operates 48 c-stores across Western Mississippi and Eastern Arkansas and is a Church’s Chicken and Krystal QSR franchisee.
Refuel has been on an acquisition spree since it was acquired by Texas-based private equity firm First Reserve in May 2019 when it operated five stores. Refuel said it is on track to surpass 100 stores by the end of 2020 with new builds and additional acquisitions in the pipeline.
Refuel didn’t disclose terms of the deal, which is expected to close in the second quarter. The Double Quick deal marks the fifth acquisition for Refuel and brings the company’s operated store count to 83 stores. Last month, Refuel finalized its acquisition of the Turtle Market assets in Myrtle Beach, S.C., including two convenience stores, one site under construction and one future development location that is set to begin construction in 2020.
Refuel has 12 new stores in the works, many of which are slated to open by year’s end. Most of these stores are located in the Charleston area.
Double Quick was founded in 1983 by Tom Gresham and Bill McPherson.
“Tom and Bill have built a wonderful company, and we are extremely excited to welcome their employees to the Refuel family,” Mark Jordan, Refuel’s chief executive, said in a news release. “Double Quick has a strong brand and an established footprint that provides density as we enter the Mississippi and Arkansas markets. 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.”
Tom Gresham, CEO and managing partner, and Bill McPherson, managing partner, of Double Quick, stated, “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.”
Bill McPherson added, “Tom and I would like to especially thank our CFO, Barry Schuster, and Matrix Capital for their hard work and diligence in getting us to a signed purchase agreement, and we look forward to a successful closing of the transaction with Refuel.”