Sun Capital Acquires 139 Midwest C-stores

BOCA RATON, Fla. — Sun Capital Partners Inc. acquired Admiral Petroleum Co. and Lemmen Oil Co. for an undisclosed sum. The deal includes 130 Admiral-branded gas stations and convenience stores, as well as nine Lemmen-branded c-stores with gas, all in the Midwest.

According to Sun Capital, Coopersville, Mich.-based Admiral Petroleum was one of the first pioneers of the milk, bread and egg concept in gas stations, which eventually became an industry standard. The combined companies employ approximately 1,400 associates.

Sun Capital, a Boca Raton-based investment firm specializing in leveraged buyouts and investments of “market-leading” companies, also announced Jeff Turpin will be named CEO of its new c-store division. Turpin, a 20-plus-year convenience store industry veteran, previously served as CEO of VPS Convenience Store Group, a former affiliated portfolio company of Sun Capital, which is now a division of GPM Investments LLC.

Sun Capital sold the Southeast division of VPS to GPM Investments in June 2013. Then, in February 2015, GPM acquired the Midwest division of VPS, ending Sun Capital's involvement in the convenience channel until its return now. 

“Admiral has been an innovator in the convenience store sector, and we look forward to building on the business’ strong reputation as it explores new growth opportunities,” said Marc Leder, co-CEO at Sun Capital. “We’re excited to once again partner with Jeff Turpin, whose proven track record in this industry is second to none. I’m confident his deep experience and operational know-how will be invaluable as Admiral charts an exciting course forward.”

In addition to VPS, Sun Capital has previously maintained investments in retailers Shopko Stores and The Limited Stores.

“At Sun Capital, we understand the unique dynamics facing convenience store owners and operators today,” said Sun Capital Principal Jared Wien. “Over the course of more than a century, the Lemmen family successfully built an enduring business. We look forward to collaborating with Jeff and the Admiral management team to help the company reach its full potential through operational enhancements, organic growth and strategic acquisitions.”