Mid-Atlantic Acquires Exxon Sites

Mid-Atlantic Convenience Stores (MACS), an investment platform backed by Catterton Partners, a consumer-focused private equity firm in North America, has acquired 58 convenience stores/fuel stations, located in Northern Virginia and Maryland, from Exxon Mobil Corp.

Terms of the transaction were not disclosed. MACS is a convenience store operator in the Mid-Atlantic region and one of the largest ExxonMobil branded wholesalers in the U.S. MACS was formed by Catterton Partners to acquire convenience stores in the highly fragmented convenience store industry.  In June 2010, MACS acquired a majority interest in Uppy’s Convenience Stores Inc. and 170 convenience stores/fuel stations from ExxonMobil in Maryland, Virginia and Delaware.  With the addition of the sites announced today, MACS now has nearly 300 convenience store operations across the Mid-Atlantic.

“We established MACS to take advantage of the significant consolidation and organic growth opportunities we see in the convenience store industry, and are pleased to add 58 new properties to MACS’ existing portfolio of stores,” said Nik Thukral, a partner at Catterton Partners. “This transaction is consistent with our strategy of acquiring attractive properties with superior operating metrics in attractive geographies in order to achieve scale, and we will continue to seek opportunities to add to the portfolio.  With MACS’ experienced management team and a differentiated retail strategy, we are confident we can maximize the success of each site.”

“This transaction further strengthens our branded leadership and market share position in the Mid-Atlantic States through the high quality brands of both Exxon and Mobil,” said Steve Uphoff, CEO of MACS.  “We plan to continue to pursue additional acquisition opportunities that will bolster our position in the Mid-Atlantic and build upon our record of integrating assets into our platform. We also remain focused on leveraging our industry expertise, along with the financial and strategic support from Catterton, in order to optimize operations, expand our retail offerings and enhance the customer experience.”

 

 

7ads6x98ycss.php