Refuel, Based in Charleston, to Expand into Texas with Acquisition of 16 Stores | Business
A Charleston convenience store owner and operator continues to push west with the acquisition of a Lone Star State retailer.
Refuel Operating Co. announced on May 5 that it had reached an agreement to purchase Wag-A-Bag, a Texas-based convenience store and gas station company with 16 locations. The transaction is expected to be finalized in the third quarter of 2021. Financial terms were not disclosed.
Based in Round Rock, north of Austin, Wag-A-Bag was founded in 1964 by the Rabb family.
âThe Rabb family have built a great business over the years and have built a reputation for providing incredible customer service and a superb shopping experience to their customers,â said Refuel CEO Mark Jordan.
âWe look forward to welcoming their employees to the Refuel family,â Jordan said. “In addition, we are delighted to expand the Refuel store network into the highly attractive and rapidly growing central Texas market.”
Wag-A-Bag CEO Cary Rabb said âthe family business will be in good handsâ and the employees âhave a bright future with a growing businessâ at Refuel.
The transaction represents Refuel’s seventh acquisition since 2019, when it partnered with Stamford, Connecticut-based First Reserve, a private equity firm focused exclusively on energy.
Refuel now has 130 stores in South Carolina, North Carolina, Arkansas, Mississippi and Texas.
In the Charleston area, it has two stores in Mount Pleasant and one each on Daniel Island and Sullivan’s Island and in Goose Creek, West Ashley and Nexton near Summerville.
Others are underway in the Cainhoy Plantation part of Charleston, Carnes Crossroads in Goose Creek and on Folly Road on James Island.
Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.