Refuel acquires network of c-stores in Texas

The network has closed on the acquisition of 11 sites from Embark Energy LLC.

Refuel Operating Co. LLC has closed on the acquisition of certain assets of Embark Energy LLC. The transaction includes 11 conveniences stores in the greater Austin, Texas, market operating under the Fast Break brand, along with four company-owned, dealer-operated locations.

Refuel is a portfolio company of First Reserve, a global private equity investment firm with a focus on the energy and industrial value chains.

Based in Austin, Texas, Embark, a wholesale and retail fuel distribution and c-store chain, was founded in 1996 by current owners Ismail Ali, Iqbal Ali and Mohammed Ali.

“The Ali family has built a wonderful company in an incredible market over the past 26 years. We are extremely excited to expand our current footprint in the high-growth Central Texas market and look forward to welcoming Embark’s employees to the Refuel family,” said Mark Jordan, CEO of Refuel.

The transaction represents the 11th acquisition for Refuel since establishing the partnership with First Reserve in May 2019.

In other company news, Refuel has hired Tim Rupp as chief operating officer effective April 25, 2022. Rupp joins Refuel after spending 31 years at Speedway, Marathon’s U.S. c-store segment, which operated more than 3,900 locations prior to its sale to Irving, Texas-based 7-Eleven Inc. in 2021.