Private equity firm ArcLight Capital Partners LLC acquired The Pride Store chain in western Massachusetts for an undisclosed sum. Robert "Bob" Bolduc, who currently serves as NATSO Chairman of the Board, will serve on the Pride Board of Directors.
Boston-based ArcLight, which is focused on energy investments, purchased 31 stores in Massachusetts and Connecticut, as well as 10 development sites.
Bolduc said at a news conference at the company’s Springfield, Mass., headquarters that the new owner will not change the Pride name and that all employees will remain in place. Loyalty to the employees who have been loyal to Bolduc and his company played a significant role in selecting from seven bidders, Bolduc said.
“I think that's quite a compliment to our staff, to my team here, that this company has entrusted them to take over,” Bolduc told the media. “The public, I hope, will not see a difference in terms of service and in terms of all the benefits Pride has.”
Bolduc, who is known as an industry innovator, said he hopes that Pride will continue to expand.
Bolduc has long been an advocate for change within the truckstop and travel plaza industry and ranks as an early adopter of alternative fuels and new energy technologies in his company.
Under Bolduc’s Chairmanship, NATSO will continue to advocate for fuel and energy policies which ensure that travel plazas, truckstops and fuel retailers can continue to promote and provide a portfolio of fueling technologies to consumers.
Bolduc founded the Pride Stores and Travel Centers chain in 1972 in Springfield, Massachusetts.
Bolduc has been among the industry leaders in bringing alternative fuels to market and was among the first to sell ethanol and biodiesel in Massachusetts. Pride’s newest location, the Hartford Travel Center in Hartford, Connecticut, offers a variety of alternative fuels, including electric vehicle charging infrastructure, hydrogen refueling options, and propane.
Bolduc has been an active member of NATSO since 1997 and has served several terms on the NATSO Board of Directors during his tenure with the organization.
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