Riiser Energy, a 73-year-old Wausau company with 34 convenience stores, transportation and fuel operations, has been sold to an investment group specializing in building regional chains of convenience stores.
Dudley Investments LLC, Wildcatters LLC and Kemerling Investments LLC, the former owners of Riiser Energy and the newly formed Riiser Fuels LLC, based in Durham, N.C., closed the acquisition of Riiser Energy on June 15. Terms of the transaction were not disclosed.
The new owners are hiring the company’s 320 employees, said Jim Kemerling, President and Chief Executive Officer of Riiser Energy.
“Riiser Energy is an exceptional company with a proud history and best-in-class operations. The new owners will use their 65 years of combined experience in investing, financing and operating within the c-store and wholesale fuel industry to help Riiser continue to grow into a larger regional operation,” explained Kemerling.
Riiser Fuels, LLC, was formed by Don Draughon and J.D. Dykstra, to make investments in the convenience store industry, a market segment that is seeing considerable merger and acquisition activity.
“We are acquiring a great company in Wisconsin,” said J.D. Dykstra. “Riiser Fuels is committed to growing the chain within the upper Midwest into a regional company and expanding the brand throughout the region. We will utilize the Riiser name and team as the foundation for that growth.”
Riiser was started in 1945 by Arthur Riiser. His son, Tom, took over the business in 1958 and operated the company for 40 years. In 1999, Tom Riiser sold the business to Jim Kemerling, who served as President and CEO of the Company, and Richard (Dick) Dudley, who served as chairman until his death in 2013.