WILMINGTON, N.C. -- Over dinner at an Arizona resort in the fall, Jeff Turpin was taking about life's changes and the next adventure.
"I'm ready for more travel, biking adventures and family time. But I've had too much fun in this industry. I'm not ready to say goodbye."
Turpin and his wife, Jan, are biking enthusiasts, who last summer completed a 200-mile, six-day bike ride as part of Rails for Trails Sojourn group. "Biking the outdoors is the best," he said.
Turpin, the affable chairman and CEO at VPS Convenience Store Group, was already one year removed from when his bosses, private-equity concern Sun Capital, sold off the chain's Southeast operations to Richmond, Va.-based GPM Investments LLC.
On Wednesday, Sun Capital sold the remaining assets of what was more than 425 stores to GPM, setting the sun on this investment group's nearly decade-long c-store run.
For Turpin, it's the close of a chapter that started in September 2006, when Sun Capital emerged as one of the first equity groups in the 21st century to invest in the convenience channel.
"Sun Capital's first investment in the c-store space first came through the acquisition of Marsh Super Markets," Turpin recalled. "The primary target for Sun was the Marsh Grocery store operation and not the c-store business. The c-store division [154 stores, mostly Village Pantry] was a bonus."
Over the next two-and-a-half years, Sun Capital would actively grow, acquiring the 122-unit Worsley business in March 2008, followed two months later with Li'l Cricket's 88 stores. In spring 2009, the company united its Midwestern and Southeastern divisions into the VPS Convenience Store Group.
Turpin reflected on now being the seller instead of the buyer. "What I enjoyed the most was working with many different co-workers in eight different states (from South Carolina to the top of Michigan) and the acquisition of the stores from jobbers and operators that were ready to sell their beloved business. I still continue to have business relationship with the former operators that go back to 2001. It's much more fun to buy than to sell!"
Since joining the industry, Turpin has seen tremendous changes--from in-store upgrades, most notably in foodservice, to the emergence of deep-pocketed outside investment groups and the rise of master limited partnerships (MLPs).
"Twenty years ago when I joined the c-store business [after leaving public accounting], the c-store space generally owned the fuel business and cigarette business. Look at the new players in the fuel business today (grocery, Walmart, Sam's, Costco--the list goes on). Cigarettes are now offered by dollar stores at low margins."
He added, "the focus is now on fresh offerings, foodservice, larger sites with more variety and, yes, very competitive fuel pricing. Much less focus on fuel, cigarettes and beer."
Some industry observers expressed surprise that the Sun-GPM deal was broken into two packages.
"Different markets and different operations," Turpin said in addressing that split. "Not many operators can acquire 430 stores in a single transaction."
While preparing for the next phase in his life, Turpin is not ready to think about retirement: "Yes, I plan to stay in the business. I'm not quite ready for the transition of overseeing 430 stores and working with many dedicated employees across eight states to fishing off a pier at Wrightsville Beach."
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