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Charleston convenience chain acquires 26 stores in N.C.

Staff Report //November 20, 2020//

Charleston convenience chain acquires 26 stores in N.C.

Staff Report //November 20, 2020//

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Refuel, a convenience store chain based in Charleston, plans to expand its network into North Carolina by purchasing the assets of Homes Oil Inc.

Headquartered in Chapel Hill, N.C., Holmes Oil Inc. owns and operates 26 convenience stores in the Raleigh-Durham market under the Cruizers brand. The new locations will make 113 total operations for Refuel.

This is the sixth acquisition for Refuel since May 2019 when the company initially partnered with First Reserve, a private equity firm in Texas that focuses exclusively on energy.

“Cruizers has an established footprint in the attractive Raleigh-Durham market and provides us with immediate density as Refuel expands into North Carolina,” CEO of Refuel Mark Jordan said. “Cruizers has a laser focus on customer service and delivers a great shopping experience to its customers. We are thrilled to add such an exceptional business to the Refuel platform.”

Jordan, a Sullivan’s Island resident and graduate of The Citadel, opened his first Refuel gas station in Goose Creek in 2008 with the goal of healthy food options in mind.

Edward Holmes, CEO of Cruizers, said he is grateful for the partnership.

“Refuel is a company of great people who will take Cruizers into an even brighter ever-changing future. Customer delight has been our mission, and they will take it to a new level,” he said.

Founded in 1997, Homes Oil Inc. also operates as a wholesale distributorship for ExxonMobil and Valero.

The acquisition is anticipated to close by the end of 2020.