Indianola-based Double Quick is under contract to be sold to a South Carolina company.
Bill McPherson, managing partner in Double Quick, confirmed to The E-T Thursday afternoon that he and Tom Gresham, CEO and managing partner, are under contract to sell Double Quick to Refuel, a company based in South Carolina in a transaction that McPherson said “will grow the business.”
"We are going to be working the next few months to complete the transaction,” McPherson said. “We signed non-disclosure agreements and I can’t say anything else at this time.”
McPherson did note that the transaction with Refuel will only affect the Double Quick company.
“We have no plans to sell any of the other family businesses and will continue to grow them.”
Refuel, McPherson said, is owned by First Reserve, a large private equity firm that invests in the energy space.
According to McPherson, Refuel’s plans are to keep the Double Quick name and rent space at DQ's corporate office.
The company currently has 62 retail locations made up of convenience stores, Church’s Chicken restaurants and Krystal Hamburger restaurants.
There are 48 Double Quick stores, 12 Church’s restaurants and two Krystal restaurants spread out across the area. McPherson and Gresham have operated Double Quick since 1984.