Leading petroleum marketer and convenience-store retailer
Denver, Colorado (May 27, 2021) – The Forbes M+A Group (Forbes), a leading middle market transaction advisory firm, is pleased to announce its client, Red Horse Oil, Wyoming based petroleum marketer and convenience-store retailer, has successfully been acquired by Alta Convenience, a joint venture between affiliates of Fortress Investment Group LLC and a subsidiary of Phillips 66 Co.
“After more than a decade growing Red Horse Oil’s convenience store business, it was time to exit. The team at Forbes M+A were the perfect advisors to guide me through the complexities and challenges of the sale process”, said Jay Schneiders, Owner of Red Horse Oil, “Steve Quisenberry and his team worked diligently during unprecedented circumstances (COVID-19 pandemic) and delivered a great result! I am excited for the new owner, Alta Convenience, as they continue to grow the Red Horse Oil stores and take them to the next level.”.
“It was a pleasure to work with such a great client who was professional, organized and patient as we worked during such uncertain times (Covid & the non-existent tourist industry) to find the perfect “fit” in a buyer”, Steve Quisenberry, Managing Director at The Forbes M+A Group and the lead advisor to Red Horse Oil stated, “It took time, but we couldn’t have been more happy with the quality of buyers that emerged in the process, and ultimately with the selection of Fortress and Alta Convenience who along with, Trefethen Advisors, made for a pleasant experience. We wish the new owners success as they continue to build their platform of C-stores.”
About Red Horse Oil
Based in Rock Springs, Wyoming, with more than six decades of experience in distributing quality petroleum products and service, Red Horse Oil Co. is a leading owner of C-stores (gas stations with attached convenience stores) and also operates as a fluid distributor.
About Alta Convenience
CF Altitude LLC dba Alta Convenience has 106 convenience stores located in 4 states (Colorado, Kansas, Nebraska and New Mexico) and markets fuel under various brands including Phillips 66, Conoco and Exxon. The company was purchased in January 2021 by a Joint Venture between affiliates of Fortress Investment Group LLC and a subsidiary of Phillips 66 Co.
About Fortress Investment Group
Fortress Investment Group is a diversified global investment manager with approximately $52.7 billion of assets under management. Founded in 1998, the New York-based firm manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,200 employees committed to safety and operating excellence. Using a network of branded marketers and dealers operating approximately 7,500 outlets, its U.S. Marketing business supplies TOP TIER® Detergent Gasolines under the Phillips 66®, 76® and Conoco® brands. For more information on Phillips 66, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
About The Forbes M+A Group
The Forbes M+A Group, founded in 2004 with offices in Denver, CO, Salt Lake City, UT, and Nashville TN, is an award-winning investment bank with expertise in mergers and acquisitions, capital formation, and financial restructuring within the middle market. Senior advisors at The Forbes M+A Group have 250+ years and $85 billion of combined transaction experience across a wide variety of industries and around the globe. The Forbes M+A Group has been recognized regionally as the M&A Firm of the Year for the past 5 years. For more information, please visit us at www.forbes-partners.com or phone at (303) 770-6017.
Media Contact: Kelly FitzGerald | +1 (720) 446-6767 | Kelly.FitzGerald@forbes-partners.com
For more information on this and other transactions, contact The Forbes M+A Team.