Shell to Buy Full Control of Tri Star Energy in US Push

Shell will lift its stake in Nashville-based Tri Star Energy from 33% to 100%, adding 320 company-owned stores and supply deals with 552 more dealer locations.

Equilon Enterprises LLC, doing business as Shell Oil Products US, announced on Tuesday, September 1, 2026, that it has signed an agreement to increase its equity stake in Tri Star Energy LLC from 33% to 100%. The deal gives the oil major full ownership of 320 fuel and convenience retail sites in Tennessee and surrounding states, plus supply agreements with 552 more dealer-owned locations. Tri Star Energy is the Nashville-based parent of convenience-store brands Twice Daily, Sudden Service and Little General, and is a fuel distributor anchored in the Nashville market and active across the southeastern United States. The sellers of the remaining interest are The Parman Corporation, Kimbro Oil Company and their subsidiaries. Financial terms were not disclosed, though a Shell US spokesperson told CSP Daily News that the price reflects a competitive EBITDA multiple.

The acquisition will more than double Shell's company-owned convenience retail presence in the United States. Once completed, Tri Star will be operated by Texas Petroleum Group LLC, a wholly owned subsidiary of Shell Mobility & Convenience US LLC, whose portfolio will then consist of nearly 550 company-owned convenience retail sites and supply agreements with approximately 650 dealer-owned sites across the southern US. That is a notable shift for a company whose existing US footprint is largely indirect: Shell already runs the country's largest branded fuel network, roughly 12,000 primarily wholesaler- and dealer-owned sites across 49 states serving more than 7 million customers daily. The company said the deal significantly strengthens its directly owned presence and is expected to generate an internal rate of return above its marketing-business hurdle rate, according to securities.io.

The move is striking because Shell is expanding in the US while retreating almost everywhere else. According to Mobility Plaza, in the past three years Shell has sold roughly 600 South African stations to ADNOC for close to $1 billion, ending more than a century in that country, handed its entire Indonesian network to a local joint venture, sold its Ukrainian stake to state firm Ukrnafta amid the war, exited Pakistan, and seen its Argentine venture Raízen offload its refinery and stations to trader Mercuria for about $1.4 billion. Mobility Plaza reports that Shell is now pulling back in nearly every market except the one where it profits most, concentrating direct ownership where its cash flow is strongest.

Shell framed the acquisition as fully aligned with the growth strategy it laid out at its Capital Markets Day in March 2025: reallocating capital from lower-return areas to businesses where it has proven strong performance and clear competitive advantages. According to securities.io, Shell said 80% of its growth cash capex in the Mobility & Convenience business will be spent in 10 key markets, such as the US, where it generates the majority of its cash flow. securities.io also notes that Shell projects an 8-10% compound annual growth rate in food and beverage gross margin by 2030 from a 2024 base, with premium fuels expected to contribute around 30% of gross margin by 2030. Shell plc president of downstream, renewables and energy solutions Machteld de Haan said Tri Star has built a strong business with high-quality assets, a dedicated team and a loyal customer base.

The remaining Tri Star interest is being bought from the Parman and Kimbro families, who built the chain over decades, Mobility Plaza reports. Tri Star Energy ranks No. 46 on CSP's 2026 Top 202 US c-store chains by store count, while Shell sits at No. 31, per CSP Daily News. Earlier this summer, Tri Star announced the migration of all three of its branded mobile apps — Twice Daily, Sudden Service and Little General — to the Rovertown platform, adding mobile ordering, price book offers and a Game Room to deepen customer engagement, with an Employee Hub extending loyalty incentives to team members. Tri Star's Twice Daily stores are also home to its White Bison coffee brand, which NACS featured in a 2025 Ideas 2 Go video.

The deal is expected to be completed by the end of 2026, subject to regulatory clearance and the satisfaction of closing conditions, Shell said. Because the purchase price was not disclosed, the market test will come through how the enlarged Texas Petroleum Group operation performs inside Shell Mobility & Convenience US's nearly 550-site company-owned portfolio.