By Erin Rigik Del Conte, Senior Editor.
Acquisition expected to close in October.
The West Bend, Wis.-based Mad Max Convenience Stores has been sold to Brookwood, the parent company of Yesway Convenience Stores.
Mad Max Owner Janiece Maxwell broke the news via the Washington Country Insider on Thursday, noting, “We weren’t looking to sell. But there are national companies looking to come to Wisconsin.”
She said Mad Max had been approached by three different companies that were all seeking to acquire it. Yesway approached it last January and is now purchasing nine of the chain’s 11 locations, including four Mad Max outlets in West Bend and Barton, Wis.
Steve Maxwell, co-owner and president of Mad Max, told CSD that of the two remaining stores, one is in the process of being sold to a developer and the other location is being sold to an independent. “Janiece Maxell and I will be leaving the c-store business with the sales of these locations as owners and operators of c-stores. Not sure if we will leave the industry. I love this industry,” he said.
Janiece and Steve Maxwell built their first Mad Max store in Sheboygan, Wis. 11 years ago on Oct. 24, 2006. The sale of Mad Max to Yesway is expected to close on Oct. 20, 2017.
Steve Maxwell told CSD that the other two companies that approached Mad Max in the last 18 months were also national chains. “When Yesway came to us there was another national player that we were talking with as well. We had no intention to sell. We were actually growing. We have a lot of people that have been with us for many years… We really have great teams, great retention and great people.”
Maxwell said they eventually decided to sell to Yesway because they felt it would be best for their employees, and allow their employees major career growth opportunities. “Janiece and I have always had the mindset of what is best for the team, not what is best for the one…It will be great for our people. (Yesway) seems to be a first class company. Everyone we have come in contact with seems to truly care about the people,” he said, adding, “I was able to spend some time with their acquisitions and operations leaders this week and I know that our people will be well taken care of.”
“There will be a ton of opportunities for our people to grow with a company that is growing by leaps and bounds. I get excited thinking about it. Our people are in good hands,” he added.
Maxwell noted that deals that take care of everyone’s needs do not come around often, and that while it was hard to sell the company, knowing the move is good for everyone involved, helped seal the deal.
“I wish all our people, a big thank you,” Maxwell said. “Without them Mad Max would not have grown at the rate it did. I know they will do as good or better for Yesway as they have for us. Like I said, we have great people. I will miss them all. I wish our people and Yesway all the best and am looking forward to seeing Yesway move towards the top of the 100 list. I believe they can do it.”
Thomas Trkla, chairman and CEO of Yesway told CSD in June that it planned to grow to 100 stores by the end of the summer across an expanded Midwest region, and was “reviewing hundreds of potential locations across a swath that includes Missouri, Arkansas, Wisconsin and several other budding markets in the Midwest.”
Ultimately, Yesway plans to acquire approximately 500 locations within the next five years.
Read more about Yesway’s growth and plans for the future here.