WILMINGTON, N.C. -- In an acquisition that represents another step in building its presence in the Mid-Atlantic region, VPS Convenience Store Group, an affiliate of Sun Capital Partners Inc., has announced the acquisition of Virginia Oil Co., a fuel wholesaler and operator of 17 convenience stores in western Virginia.
As reported in a Morgan Keegan/CSP Daily News Flash yesterday, with this acquisition, VPS now operates 419 stores in seven states (Indiana, Michigan, Ohio, North Carolina, South Carolina, Tennessee and Virginia) in the Southeast, Mid-Atlantic and [image-nocss] Midwest.
In January of this year, VPS acquired 22 stores in northeastern Tennessee and southwestern Virginia that were formerly operated by APPCO Convenience Stores.
Charlottesville, Va.-based Virginia Oil, which was founded in 1967, sells premium fuels under the brands BP, CITGO and Liberty. Several stores have fast-food partnerships with McDonald's, Blimpie and Dairy Queen. In addition, Virginia Oil has its own proprietary food brand, Everyday Cafe, in multiple locations.
"We are pleased to add Virginia Oil Co. to the VPS group of stores," said Jared Wien, vice president at Sun Capital Partners. "VPS continues to grow through intelligent additions such as Virginia Oil. Through this transaction, we are able to successfully expand our presence in the region as we continue to build a national convenience store platform."
VPS chairman and CEO Jeff Turpin said, "We are excited to expand our Virginia presence into the Charlottesville area by acquiring such modern and well-maintained facilities. Virginia Oil, which is well-known for its excellent customer service, is a great fit with our current brands. Customers can expect a seamless transition with no interruption in service as we integrate these locations into our VPS family of stores."
The VPS Convenience Store Group, headquartered in Wilmington, N.C., operates under five brand names including Scotchman, Village Pantry, Lil Cricket, Young's and Next Door Stores. VPS offers premium fuel brands such as Exxon, Mobil, Marathon, Valero, BP, Shell and its own proprietary brand, Carolina Petro.
BMO acted as exclusive financial advisor to Virginia Oil on its sale to VPS Convenience Store Group. The Cogent Group, a private real-estate investment firm based in Dallas provided sale-leaseback financing for the fee-owned properties in conjunction with VPS's acquisition of Virginia Oil Co.
Sun Capital Partners, Boca Raton, Fla., 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.
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