Catterton Partners said Thursday that it has closed its sale of Mid-Atlantic Convenience Stores to Sunoco. No financial terms were disclosed. Based in Maryland and Virginia, Mid-Atlantic Convenience Stores is a convenience store operator with 300 company-owned and dealer locations.
GREENWICH, Conn., Oct. 3, 2013 /PRNewswire/ — Catterton Partners, the leading consumer-focused private equity firm, today announced that it has completed the sale of Mid-Atlantic Convenience Stores (“MACS”), a leading convenience store operator in Maryland and Virginia, to an affiliate of Sunoco, Inc. Sunoco, which has a long history in the retail business, with a network of almost 5,000 sites, will operate the MACS business. Terms of the transaction were not disclosed.
Since investing in MACS in 2010, Catterton has helped it to become a leading development platform in the convenience store space. Over this period, MACS has been able to drive significant operational retail improvements at its convenience stores, including unifying store brands, enhancing store presentations, implementing merchandise resets and focusing on refreshments and foodservice. These initiatives have resulted in same store sales growth of more than 46% over the last two years (excluding fuel).
Scott A. Dahnke, Co-Managing Partner of Catterton Partners, said, “Our investment in MACS represents another successful strategic partnership for Catterton. MACS is now a leading convenience store operator in the Mid-Atlantic region, with an attractive portfolio of stores and strong retail offering. We are pleased to have participated in MACS’ success during our three years of ownership and believe it remains well-positioned for continued growth and success within the Sunoco organization.”
About Mid-Atlantic Convenience Stores, LLC (MACS)
Based in Richmond, VA, Mid-Atlantic Convenience Stores (MACS) is a leading convenience store operator in Maryland and Virginia. With a network of approximately 300 company-owned and dealer locations, MACS is one of the largest fuel distributors in the region. The company is also the exclusive developer for the Circle K brand in Delaware, Maryland, Virginia and Washington, D.C. The company currently operates 71 locations in Virginia and Maryland, most of which are branded Circle K. The Circle K stores are dedicated to providing exceptional customer experiences along with quality branded goods and services. For more information about MACS please visit http://circlekmacs.com.
About Catterton Partners
Catterton Partners is the leading consumer-focused private equity firm with more than $4.0 billion currently under management and a twenty-four year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton Partners invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton’s investments include: Restoration Hardware, Outback Steakhouse, Sweet Leaf Tea, Noodles & Company, PIADA, Bruxie, Frederic Fekkai, Build-A-Bear Workshop, Wellness and Nature’s Variety pet food, Kettle Foods, Odwalla and P.F. Chang’s, to name a few. More information about Catterton Partners can be found at http://www.cpequity.com.