VPS Convenience Buys 22 Convenience Stores

VPS Convenience Store Group, a portfolio company of Sun Capital Partners, has bought 22 stores formerly operated by Appco Convenience Stores in northeastern Tennessee and southwestern Virginia. Financial terms weren’t announced. Wilmington, N.C.-based VPS operates convenience stores under the Scotchman, Village Pantry, Li’l Cricket, Young’s and Next Door Stores brands. Sun Capital is a PE firm.

PRESS RELEASE

Sun Capital Partners, Inc, a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that its affiliated portfolio company VPS Convenience Store Group (“VPS”), an operator of more than 400 stores throughout the Southeast and Midwest, has acquired 22 stores formerly operated by Appco Convenience Stores (“Appco”) in northeastern Tennessee and southwestern Virginia. Terms of the transaction were not disclosed.

Headquartered in Wilmington, North Carolina, VPS operates convenience stores under the Scotchman, Village Pantry, Li’l Cricket, Young’s and Next Door Stores brands, selling premium fuel brands such as BP, Exxon, Shell, Valero, Marathon and its own proprietary brand, Carolina Petro. The chain is ranked 26 on the Convenience Store News (Nielsen) Top 100 List and seventh on the Grant Thornton North Carolina 100® list of top private companies.  The company has more than 3,000 employees.

The addition of the Appco locations will increase the VPS store count to more than 420 convenience stores with operations in seven states.  The stores being acquired are located in the Tri-Cities metropolitan area of northeastern Tennessee and southwestern Virginia and include stores in Bristol, Johnson City, and Kingsport. These stores will be reopened as Scotchman Convenience Stores over the next several weeks.

“We are pleased with the progress at VPS Convenience Stores and believe that the Company’s expansion into the Tri-Cities area — named one of the best local areas for business by Forbes —  is another step in the Company’s growth into attractive, growing markets,“ said Jared Wien, Vice President at Sun Capital Partners.

VPS has already begun to make facility improvements and develop strong relationships with local vendors to provide the most desirable products and services for customers.  In addition to fuel, plans for the stores include providing a broad selection of grocery, deli and bakery items as well as other value-added services.
“We are very excited to bring the Scotchman Store brand to the Tri-Cities region,” said VPS Chairman and CEO Jeff Turpin.  “We look forward to continued growth in the Tennessee and Virginia markets, and, consistent with our other acquisitions, we plan to reimage and upgrade all of these stores in an effort to better serve our new customers.”

About Sun Capital Partners, Inc.

Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in–house operating professionals and experience. Sun Capital affiliates have invested in more than 250 companies worldwide with combined sales in excess of $40 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For more information, please visit www.SunCapPart.com.

About VPS Convenience Store Group

VPS operates 402 convenience stores throughout the Southeast and Midwest under the names Scotchman, Village Pantry, Li’l Cricket, Young’s and Next Door Stores, selling premium fuel brands such as BP, Exxon, Shell, Valero, Marathon and its own proprietary brand, Carolina Petro. The chain is ranked 26 on the Convenience Store News (Nielsen) Top 100 List and seventh on the Grant Thornton North Carolina 100® list of top private companies. The company has more than 3,000 employees.