USA: Mountain Express Oil eyes growth with $205M financing

The company has the goal of operating 100 retail locations by the end of the year.

Mountain Express Oil Company, an emerging player in the fuel distribution and retail convenience industry, successfully completed a $205 million debt financing.

The proceeds of the transaction will be used to refinance the company’s existing credit facilities and will support the company’s growth objectives over the next several years. The financing follows the company’s acquisition of West Hill Ranch in March 2021, which vertically integrated retail operations into Mountain Express’ scaled fuel distribution platform creating a diversified portfolio of fuel distribution, retail operations, real estate and services segments.

“We are incredibly excited to continue building upon our strategic partnership with the entire banking syndicate, especially the team at First Horizon who has supported us for many years,” said Lamar Frady, Co-CEO of Mountain Express.

The financing provides additional funding for strategic growth opportunities as Mountain Express marches towards its goal of operating 100 retail locations by year end in addition to its existing 600+ fuel distribution locations.

“The flexibility afforded by our refinanced capital structure more appropriately aligns with our growth trajectory as we continue to build our distribution capabilities as well as diversify and invest in adjacent business lines,” added Turjo Wadud, who serves alongside Frady as Co-CEO.