Sun Capital exits Admiral

Sun Capital Partners has sold Admiral Petroleum Company and Lemmen Oil Company to GPM Investments LLC. No financial terms were disclosed. Based in Coopersville, Michigan, Admiral is an operator of gas and convenience stores.


BOCA RATON, Fla.–(BUSINESS WIRE)–Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that an affiliate has sold its portfolio companies, Admiral Petroleum Company and Lemmen Oil Company (together, “Admiral” or the “Company”), to a subsidiary of GPM Investments, LLC. Terms of the transaction were not disclosed.

Headquartered in Coopersville, Michigan and founded in 1905, Admiral includes 161 Admiral-branded and nine Lemmen gas and convenience stores across Michigan and Indiana.

“Our past investment experiences in the convenience store sector helped us recognize significant potential in Admiral,” said Marc Leder, Co-CEO of Sun Capital. “We were able to quickly unlock enormous value by supporting the management team’s focus on operational improvements, and are looking forward to seeing the Company thrive under its new owners.” Sun Capital acquired the Company in May, 2016.

During its brief but successful ownership of Admiral, Sun Capital installed a seasoned management team with a track record of success within the industry. The team worked with Sun Capital to focus on operational improvement initiatives to streamline Admiral’s core sales, distribution and merchandising strategies, expand service offerings, implement a fuel pricing program, and professionalize its cash management, finance, inventory management, and merchandising functions. Sun Capital has extensive experience in this sector through more than 10 previous convenience store acquisitions, including VPS Convenience Store Group, a leading operator of convenience stores, which it sold to GPM Investments, LLC in June 2015.

“Sun Capital’s successful track record in the convenience store industry demonstrates a profound understanding of the challenges and opportunities available within this space,” said Jared Wien, Principal at Sun Capital. “We’re exceedingly proud of the Admiral management team led by CEO Jeff Turpin, and look forward to helping more companies realize their full potential through operational enhancements, organic growth and strategic acquisitions.”

About Sun Capital Partners, Inc.
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemicals, building products, automotive, restaurant and retail sectors. Since 1995, Sun Capital has invested in more than 330 companies worldwide across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Stockholm and Shenzhen.