Wag-A-Bag LLC, and its affiliates, owners & operators of the Wag-A-Bag Convenience Stores and a branded retailer of Shell and Valero motor fuels in Round Rock and Austin, Texas, has successfully closed its sale transaction to Refuel Operating Company LLC, an affiliate of First Reserve, a leading global private equity investment firm exclusively focused on energy.
The origins of Wag-A-Bag began nearly 60 years ago when in 1964, Virg Rabb IV saw that there was a growing need for convenience retail and groceries in small towns outside of Austin, Texas. The first Wag-A-Bag convenience store was then developed and opened by Rabb that year.
Beginning at an early age, Cary Rabb (Virg Rabb IV’s son) grew up working on the grocery side of the business and managed stores throughout college. Cary officially joined the team in 1991 and became President shortly before his father passed away in 1998. The late 1990s marked a period of the Company shifting focus to the Northern Austin Market as it divested its operations in smaller markets east of Austin. Since then, Cary Rabb has developed 6 stores in the Austin metro region and focused on organic growth of the business. After Cary’s mother passed in 2018, Cary became the majority owner of the business.
Corner Capital Advisors, LLC represented Cary Rabb, Wag-A-Bag LLC, and its affiliates in an exclusive M&A financial advisory capacity through its Valuation Services and Structured Sale Process of the business assets. Andy Weber of Corner Capital commented “It has been a true pleasure to work with Cary on this important transaction for him and his family, and we appreciate his trust in our firm to reach his objectives. Cary has ensured that his team members will have great opportunities with the growth plans of Refuel, and that Wag-A-Bag’s community involvement and service legacy will continue to benefit its communities.”
Cary Rabb commented “Corner Capital was very hands-on in managing the negotiations & structuring the sale of Wag-A-Bag. I am grateful to Andy and his team for providing a focused process, informed advice, and trusted counsel. Refuel was efficient, professional, and committed to closing throughout the negotiations, and I believe Wag-A-Bag’s employees have a great opportunity with Refuel’s stewardship of the Wag-A-Bag name that my family has been so proud to create.”