Catterton Partners has completed the sale of Mid-Atlantic Convenience Stores (MACS) to an affiliate of Sunoco. Catterton invested in MACS in August 2010.
Mid-Atlantic Convenience Stores is a convenience store operator in Maryland and Virginia. With a network of approximately 300 company-owned and dealer locations, MACS is one of the largest fuel distributors in the region. The company is also the exclusive developer for the Circle K brand in Delaware, Maryland, Virginia and Washington, DC. The company currently operates 71 locations in Virginia and Maryland, most of which are branded Circle K. MACS is based in Richmond, VA (www.midatlanticcstores.com) (www.circlekmacs.com).
During its course of ownership, Catterton drove operational retail improvements at MACS by unifying store brands, enhancing store presentations, implementing merchandise resets and focusing on refreshments and foodservice. These efforts resulted in same store sales growth of more than 46% over the last two years (excluding fuel).
“Our investment in MACS represents another successful strategic partnership for Catterton. MACS is now a leading convenience store operator in the Mid-Atlantic region, with an attractive portfolio of stores and strong retail offering. We are pleased to have participated in MACS’ success during our three years of ownership and believe it remains well-positioned for continued growth and success within the Sunoco organization,” said Scott Dahnke, Co-Managing Partner of Catterton Partners.
Catterton Partners focuses exclusively on the consumer industry and invests in all major segments including food and beverage; retail and restaurants; consumer products and services; and media and marketing services. Catterton was founded in 1989 and has more than $4 billion in capital under management. The firm is located in Greenwich, CT (www.cpequity.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-4-13
