News

Affiliate of Sun Capital Partners, Inc. Completes Sale of VPS Convenience Store Subsidiaries

Operational Improvements, Strategic Growth Initiatives Propel
Convenience Store Carve-out to Success during Ownership Period

Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that an affiliate has completed the sale of its investment in the subsidiaries of VPS Convenience Store Group (“VPS” or the “Company”), an operator of 161 convenience stores in four Midwest states, to GPM Investments, LLC (“GPM”). The affiliate previously completed the sale of 263 Southeastern stores in North and South Carolina, Tennessee and Virginia to GPM in 2013. Terms of the private transaction were not disclosed.

Headquartered in Wilmington, North Carolina, VPS operates convenience stores throughout Indiana, Michigan, Ohio and Illinois under the Village Pantry and Next Door Stores brands. These stores offer retail convenience items, including fuel, and many also offer franchise food offerings including Subway, Chester’s Fried Chicken, Noble Romans and Hunt’s Brothers Pizza.

Prior to the acquisition of Marsh Supermarkets, Inc. (“Marsh”), a leading multi-format food retailer in Indianapolis and surrounding markets, by an affiliate of Sun Capital, VPS operated as a division of Marsh. Following the Marsh acquisition, VPS operated as a standalone entity in order to implement a number of operational improvement initiatives and grow the Company’s geographic presence.

“We’re extremely proud that our experience in transitioning strong business units into successful standalone businesses, coupled with our operationally-intensive focus has helped enable VPS to achieve sustained growth in an extremely competitive sector,” said Marc Leder, Co-CEO at Sun Capital. “We’re confident the Company is poised to take advantage of even more market opportunities under its new owner.”

Including the Southeast division, which was sold in 2013, VPS had completed nine significant add-on acquisitions, expanding the Company’s reach to approximately 430 stores across eight states to become a market leading convenience store operator in the Midwest and Southeast. Additionally, VPS enhanced its food operations, expanded and improved its higher-margin food and beverage offerings, and improved its store-level management through innovative scanning technologies.

“This transaction marks the culmination of a long-term growth strategy centered on realizing significant operational improvements and taking advantage of the synergies associated with increasing the Company’s scale in each region,” said Jared Wien, Principal at Sun Capital. “With the management team’s steadfast focus on delivering improved choice and value to its customers, VPS not only became a market leading convenience store operator, but successfully transitioned into a strong independent company. We wish VPS continued success.”

About Sun Capital Partners, Inc.
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemical, building products, automotive, restaurant and retail sectors. Since 1995, Sun Capital has invested in more than 315 companies worldwide across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Paris, and Shenzhen. For more information, visit www.SunCapPart.com.