Private equity firm Catterton Partners has completed the sale of Mid-Atlantic Convenience Stores (MACS), a convenience store operator in Maryland and Virginia, to an affiliate of Sunoco.
Sunoco, which has a long history in the retail business with a network of almost 5,000 sites, will operate the MACS business. Terms of the transaction have not been disclosed.
Since investing in MACS in 2010, Catterton has helped it to become a leading development platform in the convenience store space. Over this period, MACS has been able to drive significant operational retail improvements at its convenience stores, including unifying store brands, enhancing store presentations, implementing merchandise resets and focusing on refreshments and foodservice. These initiatives have resulted in same store sales growth of more than 46 per cent over the last two years (excluding fuel).
Scott A Dahnke, co-managing partner of Catterton Partners, says: "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 organisation."
