DENVER—Alta Convenience, a joint venture between affiliates of Fortress Investment Group LLC and a subsidiary of Phillips 66, has acquired Red Horse Oil’s Get ‘N Go Stores (“Red Horse”), the company reports.
For more than 60 years, Red Horse has been a petroleum marketer and convenience-store retailer in Wyoming. The seller, Jay Schneiders, acquired the company 10 years ago. After closing, Rich Spresser, president, and Monte McGilvray, CFO, will work to integrate Red Horse into the Denver-based Alta.
CF Altitude LLC dba Alta Convenience has 106 convenience stores in Colorado, Kansas, Nebraska and New Mexico and markets fuel under various brands, including Phillips 66, Conoco and Exxon.
Fortress Investment Group is a diversified global investment manager with approximately $52.7 billion of assets under management. The New York-based firm manages assets on behalf of about 1,800 institutional clients and private investors worldwide.
In 2014, Fortress Investment Group acquired United Oil Co. of Gardena, Calif., which operated more than 130 sites in Southern California. United Oil, renamed United Pacific in 2015, acquired a portfolio of 251 c-stores from Pacific Convenience & Fuels, Pleasanton, Calif. The company is now based in Long Beach, Calif. Phillips 66, a diversified energy manufacturing and logistics company based in Houston.
Major acquisitions, mergers and new locations have been occurring all over the c-store world. Cumberland Farms, Duchess and Rutter’s have been expanding their footprint, and not to be left behind, Sheetz, Wawa and Allsup’s have all added new stores in the past year, too. In April, Casey’s opened its third distribution center to service 600 stores and bring 125 jobs to Joplin, Mo., and in May, QuickTrip announced the expansion of its remote travel center network. Within the past two weeks, 7-Eleven also signed deals to sell 293 Speedway stores to three separate buyers, following the company’s acquisitions of the stores.