Sixpoint Partners Announces Close of First Reserve Refuel Continuation Fund

Single-Asset Continuation Fund Facilitates Continued Buy-and-Build Strategy for First Reserve’s Convenience Store Platform

Sixpoint Partners (“Sixpoint”) is pleased to announce the successful closing of First Reserve Refuel Fund (the “Fund”), a $511 million single-asset continuation vehicle managed by First Reserve. Sixpoint was retained by First Reserve, a middle-market private equity firm with a focus on the energy and industrials sectors, to serve as global exclusive placement agent for the fundraise. The Fund acquired Refuel (the “Company”), a buy-and-build platform with over 170 operated convenience stores located across the Southeastern United States, from a legacy First Reserve fund. The Fund also provides additional dry powder for Refuel to continue pursuing its acquisition-driven growth strategy.

The Fund was led by the Goldman Sachs Asset Management Vintage Funds and existing First Reserve limited partners were provided the option to take liquidity or participate in the continued growth of Refuel.

“Sixpoint is proud to have represented First Reserve in this innovative transaction, and of the strong outcome achieved for all parties. Refuel is a blue-chip asset that will benefit from more capital and time to continue and accelerate its growth trajectory,” said Eric Zoller, Founder and Partner at Sixpoint Partners.

“Given the increasing selectivity we are seeing in the market around single-asset transactions, we view robust demand for the Fund as a testament to First Reserve’s reputation and the strength of the underlying Refuel platform,” added Shawn Schestag, Partner and Head of Capital Solutions for Sixpoint.

“First Reserve is appreciative of the strong support and demand received from the limited partner community throughout the fundraise,” said First Reserve Partner Neil Wizel. “We are excited to continue to partner with the Refuel management team to execute on our growth strategy. The additional capital is intended to fund expansion of the business as we continue to focus on building a leading U.S. convenience store brand.”

About Sixpoint Partners

Sixpoint Partners is a leading global investment bank focused on delivering strategic advisory and fundraising solutions for the middle-market private equity industry. The firm’s core areas of focus include (i) primary fund placement and strategic advisory, (ii) secondaries advisory and (iii) co-investment placement across a wide range of industries, strategies, and geographies. Sixpoint Partners has a reputation for its direct, results-driven style and for delivering innovative solutions to complex problems in order to create long-term value for clients. Sixpoint is headquartered in New York with offices in Chicago, San Francisco, and London. Investment banking and other advisory activities are provided by Sixpoint Partners LLC (“Sixpoint”) a registered broker-dealer and a member of FINRA and SIPC. For more information, please visit www.sixpointpartners.com.

About First Reserve

First Reserve is a leading global private equity investment firm exclusively focused on energy, including related industrial markets. With over 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised more than $32 billion of aggregate capital since inception. First Reserve has completed over 700 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm’s history. Its portfolio companies have operated on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure. Please visit www.firstreserve.com for further information.

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