RICHMOND, Va. -- Consistent with its ongoing acquisition strategy to achieve "density and scale," recently created Mid-Atlantic Convenience Stores (MACS) has acquired 58 convenience stores/gas stations located in northern Virginia and Maryland from Exxon Mobil Corp. Terms of the transaction were not disclosed.
With the addition of the just-announced sites, Richmond, Va.-based MACS now has nearly 300 c-store operations across the Mid-Atlantic region.
MACS is a leading c-store operator in the Mid-Atlantic region and one of the largest ExxonMobil branded wholesalers [image-nocss] in the United States. It was formed in June by Catterton Partners to acquire c-stores in the highly fragmented convenience retailing industry.
In June, MACS acquired a majority interest in Uppy's Convenience Stores Inc. and 170 convenience stores/fuel stations from ExxonMobil in Maryland, Virginia and Delaware. (Click here for previous CSP Daily News coverage.)
"We established MACS to take advantage of the significant consolidation and organic growth opportunities we see in the convenience store industry, and are pleased to add 58 new properties to MACS' existing portfolio of stores," said Nik Thukral, a partner at Catterton Partners. "This transaction is consistent with our strategy of acquiring attractive properties with superior operating metrics in attractive geographies in order to achieve scale, and we will continue to seek opportunities to add to the portfolio. With MACS' experienced management team and a differentiated retail strategy, we are confident we can maximize the success of each site."
Steve Uphoff, CEO of MACS, said, "This transaction further strengthens our branded leadership and market share position in the Mid-Atlantic states through the high-quality brands of both Exxon and Mobil."
He added, "We plan to continue to pursue additional acquisition opportunities that will bolster our position in the Mid-Atlantic and build upon our record of integrating assets into our platform. We also remain focused on leveraging our industry expertise, along with the financial and strategic support from Catterton, in order to optimize operations, expand our retail offerings and enhance the customer experience."
MACS is an investment platform backed by Catterton Partners. With nearly 300 c-stores operating primarily under the Uppy's and On the Run banners, MACS is a leading operator in the Mid-Atlantic region and through its operating subsidiary, Chester, Va.-based Southside Oil, it is one of the largest ExxonMobil fuel marketers in the United States.
With more than $2.5 billion under management, Greenwich, Conn.-based Catterton Partners is a leading North American consumer-focused private-equity firm. Since its founding in 1989, Catterton has leveraged its investment capital, strategic and operating skills and network of industry contacts to establish what it said is one of the strongest private-equity investment track records in the middle-market consumer industry.
Catterton Partners invests in all major consumer segments, including food and beverage, retail and restaurants, consumer products and services, media and marketing services and consumer health. Representative investments that Catterton Partners has led include Breyers Yogurt, Cheddar's Restaurants, Heartland Recreational Vehicles, O.N.E. (One Natural Experience) beverages, Nature's Variety Pet Food and Restoration Hardware. Representative realized investments include Baja Fresh Mexican Grill, Build-A-Bear Workshop, Frederic Fekkai, Kettle Foods, Odwalla, P.F. Chang's China Bistro and Wellness Pet Food.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.