Investment Overview

Refuel Market, founded in 2008, is a leading fuel retail and wholesale company that has rapidly expanded since its initial acquisition in May 2019 by First Reserve. Refuel acquired Cruisers, a 25 location c-store operator in the Raleigh/Durham market, in 2020. Cruisers at 12500 Capital Blvd was a part to the Refuel acquisition. The company’s growth has been fueled through a partnership between the founders and private equity sponsor First Reserve, a renowned middle market investment firm. With the backing of First Reserve, Refuel Market has quickly established itself as a premium C&G (Convenience and Gas) platform, targeting the Southeastern United States. Currently, Refuel Market operates 240 locations across South Carolina, North Carolina, Arkansas, Mississippi, and Texas. These strategically chosen states offer significant market potential and allow the company to cater to a diverse customer base. By focusing on these regions, Refuel Market can provide convenient and reliable fueling and convenience solutions to drivers in the Southeastern U.S. Refuel Market is not branded as as Exxon, but it is a partner that has an agreement to wholesale and distribute Exxon Mobile fuels. Qualifies for Bonus Depreciation - afforded for C-Stores with Fuel. Section 26 S.S.C 168, “Accelerated Cost Recovery Systems” (MACRS), within §168, there’s a specific subsection that covers retail motor fuel outlets, including convenience stores with fuel pumps. Consult your CPA as to this depreciation benefit. One of the key strengths of Refuel Market lies in its leadership team, which brings a wealth of experience from prominent retail platforms. Members of the leadership team have previously worked with renowned brands such as RaceTrac, Speedway, ExxonMobil, Starbucks, and Stripes. First Reserve was founded in 1983 and has 39 years of industry insight, market presence, and investment expertise. As a leading middle market investment firm, First Reserve has a legacy of investing across the energy, infrastructure, and industrial value chains. Their partnership with Refuel Market demonstrates their confidence in the company’s potential and their commitment to supporting its growth and success. Refuel Operating Co. LLC, a convenience store operator, is exploring a potential sale, with private equity firm First Reserve, which acquired Refuel in 2019, in talks with investment bankers to launch a sale process in the first half of 2025, potentially valued at over $1.5 billion