INDIANAPOLIS -- Marsh Supermarkets and the Village Pantry convenience-store chain will operate as separate entities beginning this summer, and the c-store chain will be run under the guidance of new CEO Charles Mick Parker, its corporate-parent company Sun Capital Partners confirmed on Friday.
It's our intent to split the two companies, [and] we're probably 30 to 60 days away from doing it, Scott King, managing director of Sun Capital Partners, told CSP Daily News. Each [entity] will have separate leadership. There'll be some shared services for a period [image-nocss] of time, but that's about it.
King said the goal of the split was too open up opportunities for growth and allow each companies' leadership to concentrate on their specific channel of retail.
We feel that the consumer in the convenience-store market has different needs than a supermarket consumer. And there's really very little synergy between the two companies, King said. We feel that having a focused, dedicated team against both segments both supermarkets and convenience stores will help us to grow faster on a [comparison] basis and also potentially from an acquisition standpoint.
A large part of that effort, which King said never included a discussion of selling off the c-store chain, was the desire to hire an experienced convenience-industry leader who could bring his know-how to the job. King confirmed that Parker, a former 21-year Circle K/Alimentation Couche-Tard employee, will be that person.
Parker, who on Friday had no comment on the subject, begins his new position on Tuesday, May 15.
Joining Parker to head up the company will be Steve May as CFO of Village Pantry. May, a six-year veteran of Marsh, has most recently served as the liaison for financial reporting to Sun Capital Partners.
Boca Raton, Fla.-based Sun Capital Partners bought Village Pantry, a 148-c-store chain based in Indianapolis, in September as part of its purchase of the Marsh Supermarket chain. Village Pantry has been operating without a CEO since October, shortly after the Sun Capital purchase closed, instead reporting to Marsh CEO Frank Lazaran.
The deconsolidation of Village Pantry will be a very positive step for Village Pantry as it allows them to pursue their strategic initiatives on a broader scope, Lazaran said. The management team, led by Mick Parker as CEO, will benefit greatly with this new reporting relationship. We appreciate all of the great contributions that Village Pantry has made to Marsh over the years and look forward to working with their team as a sister company.
Parker has been vice president of operations for Couche-Tard's Florida region since December 2003. He held a variety of operations and marketing positions during his 21-year convenience-store career with CircleK, including division merchandise manager, region marketing manager, division president, region vice president and director of retail development in various markets. Prior to joining CircleK, Parker had a seven-year tenure with Southland Corp. (7Eleven).
Village Pantry LLC, Indianapolis, is a regional convenience-store chain with 148 company-operated locations in Indiana and Ohio. Village Pantry was founded in 1966 and employs 1,500 people. It operates 99 fuel locations (77 branded Marathon, 22 branded Village Pantry Fuel) and is known for its foodservice program.
Sun Capital Partners Inc. is a private investment firm focused on leveraged buyouts, equity, debt and other investments in companies that can benefit from its in-house operating professionals and expertise. Sun Capital affiliates have invested in and managed more than 150 companies worldwide with combined sales in excess of $35 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Fla., Los Angeles, New York, London and Shenzhen, China.
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