GPM Investments Acquires VPS Southeast Division
The agreement gives GPM 263 company-operated c-stores and 33 dealer sites. Terms of the private transaction were not disclosed. Wilmington, N.C.-based VPS is an affiliated portfolio company of Sun Capital Partners Inc.
"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."
VPS built its Southeast division through a series of acquisitions that included the Scotchman, Young's, Li'l Cricket, Everyday Shop and Cigarette City banners. As part of this portfolio, VPS upgraded the stores' operations with improved merchandising and inventory programs, expanded foodservice operations, and investment in substantial store upgrades and remodels.
Twenty-six of the locations feature quick-service restaurants, while 46 locations have deli and bakery offerings.
Once the deal is completed, Richmond, Va.-based GPM will operate 467 corporate stores and supply 143 dealer locations for a total of 610 stores. GPM's footprint will spread across Virginia, Connecticut, Delaware, Maryland, Pennsylvania, North Carolina, South Carolina, Rhode Island, New Jersey and Tennessee.
"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.