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The deal for fuel and convenience retail businesses from Andretti Petroleum Group includes nearly 170 c-stores along with car washes, a commercial fueling business and more.

Dive Brief:
H&S Energy has acquired fuel and convenience retail businesses from Andretti Petroleum Group for an undisclosed amount, according to an emailed press release from Matrix Capital Markets Group, which advised Andretti.
The assets H&S Energy purchased include convenience retail, fuels distribution, cardlock, fleet card, commercial fueling, car wash, lubricants and transportation businesses on the West Coast and in the Pacific Northwest.
With this deal, H&S Energy is adding close to 170 convenience retail sites and gas stations in Oregon, Washington state and California, including the Pinnacle 365 banner, to its portfolio.

Dive Insight:
This move roughly doubles H&S Energy’s retail footprint. The company already had more than 160 convenience stores under the ExtraMile and Power Market banners.

“We are delighted to transact with H&S Energy as the new steward of our enterprise. Our companies share similar stories, starting with single sites, then growing into formidable players in our industry,” said M.J. Castelo, CEO and managing member of Andretti Petroleum Group.

Andretti Petroleum was founded in 1997 by racing icons Mario and Michael Andretti along with several business partners. Over the years, it grew both organically and via several acquisitions of its own from one Andretti SpeedMart site in San Francisco to dozens of sites plus a number of additional businesses.

“We believe the people on both ends of this transaction, when put together, will bring great synergies and help take H&S to the next level,” said Sal Hassan, founder and CEO of H&S.

2023 was a busy year for c-store M&A, and that momentum has carried into the first quarter of 2024 as well. While this 170-store deal is one of the largest so far, the industry has also seen moves like 7-Eleven buying the last 204 Stripes locations from Sunoco, CrossAmerica acquiring 59 locations from Applegreen and Smoker Friendly picking up 54 Low Bob’s Discount Tobacco shops, along with several smaller deals.