“We’re pleased that we have found a good home for our Southeastern division with GPM,” says VPS CEO.
GPM Investments LLC (GPM), operator of Fas Mart/Shore Stop convenience stores, and VPS Convenience Store Group (VPS), have entered into an agreement for the sale of VPS’s Southeast division to GPM.
The VPS Southeast division consists of 263 company-operated convenience stores, 33 dealer locations and a vertically-integrated fuel transportation business. Terms of the private transaction were not disclosed. VPS is an affiliated portfolio company of Sun Capital Partners Inc.
The VPS Southeast division being acquired by GPM was built through a series of acquisitions by VPS and includes stores operating under several brand names, including Scotchman, Young’s, Li’l Cricket, Everyday Shop and Cigarette City. Since acquiring the stores, VPS has significantly improved operations by implementing improved merchandising and inventory programs, expanding foodservice operations, and investing in substantial store upgrades and remodels. Today, the Southeast division offers branded quick service restaurants at 26 locations and deli & bakery offerings at 46 locations, in addition to dispensed and packaged beverages, groceries, tobacco, alcohol and personal care products.
Upon completion of the transaction, GPM will operate 467 company stores as well as supply 143 dealer locations for a total of 610 stores, making GPM Investments LLC, one of the largest privately-owned companies in the convenience channel of business. GPM will operate stores in Virginia, Connecticut, Delaware, Maryland, Pennsylvania, North Carolina, South Carolina, Rhode Island, New Jersey and Tennessee.
“We’re pleased that we have found a good home for our Southeastern division with GPM, a respected operator with the experience and resources to build on our success,” said Jeff Turpin, CEO of VPS. “The transaction will allow VPS to focus its attention exclusively on the Midwest division.”
“We will continue to operate these stores with the high level of excellence that VPS has implemented throughout its brands,” said Arie Kotler, CEO of GPM Investments. “This Southeast acquisition is our largest purchase to date and our most exciting.”