The gas station industry in the US serves as a crucial link in the energy supply chain, providing fuel for millions of vehicles daily. It comprises major oil corporations, independent operators, and franchise networks, each offering a range of services from fuel resale to convenience store products and car washes. As electric vehicle usage increases and environmental concerns grow, this sector is evolving quickly, integrating renewable energy sources and modern technology for sustainable fueling options. Interesting trends include the rise of fuel reward programs and loyalty incentives, which aim to enhance customer retention and drive sales in a competitive environment.


This roundup highlights 15 prominent gas station investors from various backgrounds, including corporate giants and private equity firms. Based primarily in major financial hubs like New York and Houston, these investors range in size from smaller firms to industry titans, with several established as early as the 1960s. In 2024, they collectively closed numerous deals, showing a robust dedication to the gas station sector. Notably, investors like Chevron and KKR have significantly shaped the industry landscape through strategic investments and essential acquisitions, marking important trends worth exploring further.


Top 15 Gas Station Investors in the US


1. Chevron

  • Website: chevron.com
  • Type: Corporate
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 1999
  • Headcount: 10001+
  • Number of deals in 2024: 16
  • LinkedIn: chevron

Chevron Corporation is an energy company based in Houston, Texas, specializing in oil and natural gas exploration, production, and distribution. Founded in 1999, Chevron has grown to become a major player in the global energy market, providing a range of products including transportation fuels, lubricants, and petrochemicals. Notably, Chevron has made strategic acquisitions that enhance its position in the gas station industry, such as the acquisition of Texaco in 2000 and Puma Energy Australia in 2019 for approximately $291 million. These transactions reflect Chevron's commitment to expanding its footprint in fuel distribution. Furthermore, Chevron's acquisition of Renewable Energy Group in 2022 for $3.15 billion showcases its interest in diversifying its energy portfolio while still maintaining a strong presence in traditional fuel markets. Their recent acquisition of Hess Corporation in 2023 further solidifies their position in the oil sector, particularly in regions critical for gas supply. Chevron's operations are guided by a focus on sustainable practices, aiming to meet the world's energy demands while investing in renewable energy solutions and carbon capture technologies.


2. Kkr

  • Website: kkr.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1976
  • Headcount: 1001-5000
  • Number of deals in 2024: 74
  • LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR has established itself as a global leader in asset management, providing tailored investment solutions to institutional and individual clients. In 2023, KKR made a significant move by acquiring a 42% stake in Port Arthur LNG, a project aimed at enhancing U.S. natural gas exports. This acquisition aligns with KKR's strategy to invest in energy infrastructure, which is crucial for the gas station sector. Additionally, KKR has been involved in various transactions across different industries, including investments in companies like Eni SpA's biofuels company, Enilive, and post-IPO equity raises for energy-related firms such as Williams and Genesis Energy. These activities reflect KKR's commitment to navigating complex investment landscapes and achieving strong financial returns, particularly in the energy sector.


3. Y Combinator

  • Website: ycombinator.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 802
  • LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. It provides funding and mentorship to early-stage technology companies through a structured program that helps entrepreneurs launch and grow their businesses. Y Combinator has successfully launched over 4,000 startups, making it a key player in the technology startup ecosystem. Among its diverse portfolio, Y Combinator has invested in Gas Pos, which raised $150,000 in a Seed Round on March 16, 2020. This investment highlights Y Combinator's engagement in the gas station industry, alongside its broader focus on technology and innovation. Other notable investments include AtoB, which raised significant funding in both Seed and Series A rounds, indicating Y Combinator's active role in supporting emerging companies across various sectors.


4. Stonepeak

  • Website: stonepeak.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2011
  • Headcount: 201-500
  • Number of deals in 2024: 16
  • LinkedIn: stonepeak-partners

Stonepeak is a private equity investment firm based in New York, specializing in infrastructure and real estate investments. Founded in 2011, the firm manages assets on behalf of large institutions, including pension funds and endowments, with a focus on creating value through strategic investments in critical infrastructure that supports daily life. Stonepeak has been actively involved in the energy sector, with notable transactions including a $400 million commitment to Clean Energy Fuels Corp for renewable natural gas production and fueling infrastructure, which targets the heavy-duty truck market. They have also participated in significant equity raises for companies like Targa Resources Partners, Phillips 66 Partners, and MPLX LP, all of which are key players in the energy and fuel distribution sectors. These transactions highlight Stonepeak's strategic focus on investments that are integral to the gas station industry.


5. Warburg Pincus LLC

  • Website: warburgpincus.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1966
  • Headcount: 501-1000
  • Number of deals in 2024: 24
  • LinkedIn: warburg-pincus

Warburg Pincus LLC is a leading global private equity firm specializing in growth investments, founded in 1966 and based in New York, New York. With over $83 billion in assets under management, the firm partners with management teams across various sectors, including healthcare, technology, and financial services. Notably, Warburg Pincus has made significant investments in the energy sector, which is relevant to gas station operations. For instance, they raised $600 million for Zenith Energy Management and $74 million for Pacific Canbriam Energy, both of which are involved in energy production. Additionally, their investment of over $1 billion in WildFire Energy, a company focused on acquiring and developing oil & gas assets in the US, highlights their commitment to the energy market. These transactions reflect Warburg Pincus's strategic focus on energy investments, making them a notable player in the gas station industry context.


6. First Reserve


First Reserve is an investment firm founded in 1983, based in Stamford, Connecticut, specializing in private equity and real asset strategies within the energy sector. With over 40 years of experience, First Reserve partners with management teams to drive growth and enhance value in energy, utility, and industrial markets. Notably, they have made significant investments in the gas station context, including the acquisition of Refuel, which operates gas stations, and their involvement with Palmdale Oil Company, which raised funds in 2023. These transactions highlight First Reserve's commitment to investing in companies that are integral to the energy supply chain, including those in the gas station industry.


7. IFC - International Finance Corporation

  • Website: ifc.org
  • Type: Venture Capital
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1956
  • Headcount: 1001-5000
  • Number of deals in 2024: 107
  • LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization established in 1956, headquartered in Washington, D.C. It focuses on private sector development in emerging markets by providing investment, advisory, and asset management services to businesses and financial institutions. The IFC aims to help these entities access capital and expertise to foster economic growth and address challenges of poverty while promoting sustainable development. In recent years, the IFC has been involved in several significant transactions in the energy sector, including a $255 million funding round for Seven Energy, which is dedicated to expanding its gas business in Nigeria. Additionally, the IFC has participated in debt financing for major energy companies like Eni and Engie Energia Chile, further demonstrating its active role in the energy market, which encompasses gas stations and related infrastructure.


8. Morgan Stanley

  • Website: morganstanley.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1986
  • Headcount: 10001+
  • Number of deals in 2024: 79
  • LinkedIn: morgan-stanley

Morgan Stanley is a prominent investment bank and financial services firm founded in 1986, headquartered in New York, New York. With a workforce exceeding 10,000 employees, the firm provides a wide array of services including wealth management, investment banking, and capital markets. Morgan Stanley serves a diverse clientele, including individuals, families, corporations, and governments, helping them manage and grow their financial assets. The firm has a global presence and leverages its expertise to deliver tailored financial solutions. In the context of the gas station industry, Morgan Stanley has made significant investments, such as the acquisition of Southern Star Central Gas Pipeline in 2012, which enhances their portfolio in energy infrastructure. Additionally, their acquisition of Catalyst Energy Construction in 2018 further underscores their commitment to the energy sector. These transactions highlight Morgan Stanley's active role in the gas and energy markets, aligning with the interests of gas station operations.


9. Apollo Global Management, Inc.

  • Website: apollo.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1990
  • Headcount: 1001-5000
  • Number of deals in 2024: 46
  • LinkedIn: apollo-global-management-inc

Apollo Global Management, Inc. is an asset management firm founded in 1990, based in New York, specializing in alternative assets and retirement solutions. The firm manages a diverse portfolio across credit, private equity, and real assets, catering to institutional investors, corporations, and individual clients. Notably, Apollo has made significant investments in the energy sector, including the acquisition of Freedom CNG, a Texas-based operator of compressed natural gas and renewable natural gas fueling infrastructure, announced in September 2024. This acquisition highlights their commitment to energy solutions relevant to the gas station industry. Additionally, their past acquisition of Parallel Petroleum Corp. for approximately $483 million in 2009 further demonstrates their engagement in the energy market, which is closely related to gas station operations. These transactions reflect Apollo's strategic focus on empowering energy solutions and capitalizing on growth opportunities within the sector.


10. Dover Corporation

  • Website: dovercorporation.com
  • Type: Corporate
  • Headquarters: Downers Grove, Illinois, United States (USA)
  • Founded year: 1955
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dovercorp

Dover Corporation is an industrial manufacturer and solutions provider founded in 1955, headquartered in Downers Grove, Illinois. The company specializes in delivering innovative equipment, components, and digital solutions across various sectors, with a strong focus on engineered products, clean energy, and sustainability technologies. Dover has made significant strides in the gas station industry through strategic acquisitions, including Tokheim, a fuel dispensing and payment solutions company, acquired for $300 million in 2016, and Wayne Fueling Systems Ltd., acquired for $780 million, which enhances their product line to cover the entire fueling system. In 2021, Dover acquired LIQAL B.V., a supplier of liquefied natural gas and hydrogen refueling equipment, further integrating it into their Dover Fueling Solutions unit. Most recently, in 2024, they acquired Bulloch Technologies, which specializes in point-of-sale solutions for the convenience retail industry, indicating their commitment to enhancing offerings in the gas station sector. These transactions highlight Dover's active role in the gas station industry and its dedication to expanding its capabilities in fuel dispensing and related technologies.


11. Blackstone

  • Website: blackstone.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 57
  • LinkedIn: blackstonegroup

Blackstone Inc. is a leading investment management firm based in New York, specializing in alternative investments across various sectors, including private equity, real estate, and credit solutions. Founded in 1985, Blackstone has built a diverse portfolio aimed at delivering lasting value to its investors. Notably, Blackstone has made significant investments in the gas station industry, including the acquisition of Applegreen, a prominent operator of gas stations and convenience stores in Europe, which was approved by the European Commission in December 2020. Additionally, Blackstone acquired a controlling interest in Tallgrass Energy for approximately $3.3 billion in 2019, a company involved in the transportation and storage of natural gas, further highlighting their strategic interest in energy-related investments. These transactions reflect Blackstone's commitment to building strong businesses within the gas station and energy sectors.


12. Advantage Capital


Advantage Capital is a venture capital firm based in New Orleans, Louisiana, founded in 1992. The firm specializes in providing equity and debt financing to small businesses, agribusiness, solar projects, and affordable housing, with a strong emphasis on supporting entrepreneurs in underserved communities. Their investment strategy includes flexible capital solutions aimed at fostering growth and sustainability. Notably, Advantage Capital has been involved in significant transactions within the fuel sector, including investments in Automated Fuel Technologies, where they provided both debt financing and venture capital. This involvement highlights their interest in the fuel industry, which is closely related to gas stations. Additionally, their investments in companies like Virent Energy Systems further demonstrate their engagement in energy-related sectors, reinforcing their relevance to the gas station industry.


13. World Kinect Energy Services


World Kinect Energy Services, founded in 1984 and based in Miami, Florida, is a corporate investor and energy solutions provider that specializes in fuel and energy services for various sectors, including aviation, marine, and land transportation. The company has made significant acquisitions in the petroleum industry, such as Watson Petroleum in 2014, which enhances their capabilities in fuel supply and management. Other notable acquisitions include Lakeside Capital Holdings, Henty Oil Ltd., and Associated Petroleum Products, all of which strengthen their position in the energy market. With a comprehensive range of services that include energy procurement and sustainability solutions, World Kinect is well-equipped to optimize operations and reduce costs for businesses, including gas stations.


14. ArcLight Capital Partners

  • Website: arclight.com
  • Type: Private Equity
  • Headquarters: Boston, Massachusetts, United States (USA)
  • Founded year: 2001
  • Headcount: 51-200
  • Number of deals in 2024: 2
  • LinkedIn: arclight-capital-partners

ArcLight Capital Partners is a private equity firm based in Boston, Massachusetts, founded in 2001. The firm specializes in infrastructure investments, particularly in sustainable infrastructure, renewable energy, and strategic gas infrastructure. ArcLight's clients include institutional investors looking to align their portfolios with sustainability goals. Notably, ArcLight has made significant investments in the gas station sector, including the acquisition of Gulf Oil in December 2015 and a joint acquisition of Thorntons Inc. with BP in December 2018, aimed at accelerating store growth and enhancing customer service. Additionally, their acquisition of Targa Resources Partners in May 2022 and Blackwater Midstream Corp. in October 2012 further demonstrates their engagement in sectors related to gas and energy infrastructure. These transactions highlight ArcLight's commitment to managing and developing critical infrastructure projects, including those in the gas station industry.


15. The Carlyle Group

  • Website: carlyle.com
  • Type: Private Equity
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1987
  • Headcount: 1001-5000
  • Number of deals in 2024: 25
  • LinkedIn: the-carlyle-group

The Carlyle Group Inc. is a prominent investment management firm founded in 1987, specializing in private equity, real assets, and private credit. With a global presence and a focus on driving long-term value for its clients, Carlyle serves a diverse range of institutional investors, including pension funds and sovereign wealth funds. Among its notable transactions, Carlyle has invested in Varo Energy, a company involved in the energy sector, and SemGroup, which operates in the oil and gas industry. These investments highlight Carlyle's engagement in sectors that are closely related to gas stations, further emphasizing its capability and interest in the energy market.



Gas Station Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
ChevronHouston, Texas, United States (USA)10001+199916
KkrNew York, New York, United States (USA)1001-5000197674
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
StonepeakNew York, New York, United States (USA)201-500201116
Warburg Pincus LLCNew York, New York, United States (USA)501-1000196624
First ReserveStamford, Connecticut, United States (USA)51-20019830
IFC - International Finance CorporationWashington, D.C., District Of Columbia, United States (USA)1001-50001956107
Morgan StanleyNew York, New York, United States (USA)10001+198679
Apollo Global Management, Inc.New York, New York, United States (USA)1001-5000199046
Dover CorporationDowners Grove, Illinois, United States (USA)10001+19553
BlackstoneNew York, New York, United States (USA)1001-5000198557
Advantage CapitalNew Orleans, Louisiana, United States (USA)51-20019925
World Kinect Energy ServicesMiami, Florida, United States (USA)5001-1000019840
ArcLight Capital PartnersBoston, Massachusetts, United States (USA)51-20020012
The Carlyle GroupWashington, D.C., District Of Columbia, United States (USA)1001-5000198725


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