Alta Convenience, a joint venture of Fortress Investment Group LLC and Philips 66 Co., has acquired eight stores that were owned by Duran Oil and are currently branded JR’s Fuel Stop. Duran Oil, previously based in Trinidad, Colorado, is exiting the retail business.

Starting out as a fuel delivery driver in 1957, J.R. Duran opened Duran Oil Company in 1977. It has been a family affair since day one as his wife and son helped grow the business.

Ray E. Duran took over as president from his father in 1993. He has been running the company with his wife since the early 2000s, after his parents passed away. “Since I have been in this business full time for 48 years, I decided it was time to spend more time with family and to start another adventure. The towns where we have operated stores have been good to our employees and the Duran family. Trinidad, Colorado, our hometown, has been wonderful.  That is why I never moved away. I look forward to seeing the retail stores grow,” said Duran.

Alta Convenience President Rich Spresser and CFO Monte McGilvray will lead the transition of the stores under the Alta brand, which has 152 retail convenience stores and 39 dealer locations in seven states. It markets fuel under Philips 66, Conoco and Exxon.

Fortress Investment Group is a diversified global investment manager. Founded in 1998, the New York-based firm manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.

Houston-based Phillips 66 is a diversified energy manufacturing and logistics company. Using a network of branded marketers and dealers operating approximately 7,500 outlets, its U.S. marketing business supplies fuel under the Phillips 66, 76 and Conoco brands.