Additional funding will enable growth opportunities as Mountain Express moves towards its goal of operating 100 retail outlets by the end of the year in addition to its more than 600 existing fuel distribution points.
Mountain Express Oil Co. successfully closed a debt financing of $ 205,000,000; 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 few years.
The financing follows the company’s acquisition of West Hill Ranch in March 2021, which vertically integrated retail operations into Mountain Express’s large-scale fuel distribution platform, creating a diversified portfolio of fuel distribution, retail operations, real estate and service segments.
The $ 205 million financing includes several new and existing lenders and was oversubscribed at closing, demonstrating strong demand for the company’s stated growth goals. First Horizon Bank, a Mountain Express partner since 2016, led the syndicated transaction and served as senior arranger and administrative agent on the financing.
“We are extremely pleased to continue to strengthen our strategic partnership with the entire banking syndicate, in particular the First Horizon team who have supported us for many years,” said Lamar Frady, co-CEO of Mountain Express.
Funding provides additional funding for strategic growth opportunities as Mountain Express moves towards its goal of operating 100 retail outlets by year-end in addition to its existing 600 fuel distribution points .
“The flexibility offered by our refinanced capital structure aligns better with our growth trajectory as we continue to develop our distribution capabilities as well as diversify and invest in adjacent business lines,” added Turjo Wadud, who serves alongside Frady as co-CEO.
Founded in 2000 and headquartered in Acworth, Ga., Mountain Express Oil Co. currently owns and / or controls over 200 service stations and supplies fuel to over 600 stations across the United States under several major oil and regional brands. fuel. Going forward, the company is expected to own / control over 300 stations, serve nearly 800 locations and operate nearly 100 convenience stores by the end of 2021.