VERC Enterprises Exits Convenience Channel
DUXBURY, Mass. — VERC Enterprises sold its 32 convenience stores to multiple buyers in the industry.
The buyers of the VERC sites include Lawrence, Mass.-based Energy North Group, Waltham, Mass.-based Global Partners LLP, and one unspecified buyer, according to CEO Leo Vercollone.
The Vercollone family will retain ownership of two Briteway Car Wash locations — one in Marshfield, Mass. and one in Norwell, Mass. Paul Vercollone, current co-owner and vice president of VERC Enterprises, will continue to operate these locations with his sons, Nick and Chris.
Eugene Vercollone founded Duxbury-based VERC Enterprises in 1977 with a single car wash in Marshfield. The company grew to include a c-store network throughout Massachusetts and New Hampshire. All of the company's stores operated under the VERC brand name and sold gasoline under leading fuel brands including Gulf, Mobil, Irving and Shell.
"While the decision to sell was a difficult one, we know that the stores will be operated by organizations that share the same values, purpose and commitment to service," Leo Vercollone said. "We sincerely thank all of our wonderful customers we have had the pleasure of serving throughout our years in business. And we extend our deepest thanks and appreciation to our associates who have been the engine and backbone of our company. We are so very thankful for their hard work and dedication."
VERC Enterprises has made employee engagement and community involvement key tenets of their business. Over the years, VERC partnered with a number of community organizations in order to help provide employment and opportunity for Intellectually and Developmentally Disabled (IDD) individuals. Through its partnership with these community organizations, the company achieved its goal of having 20 percent of its c-store workforce staffed by associates from the IDD community.
In 2019, CEO Leo Vercollone received the May Institute President's Award for recognition of the company's longstanding commitment to employing individuals with special needs. The company was recognized as The Boston Globe Top Places to Work in 2020, and by the Boston Business Journal as a Best Place to Work in Massachusetts, and as a Leader in Diversity.
In 2017, VERC was named Employer of the Year by both the Massachusetts Commission for the Blind and The ARC of Greater Plymouth, and Employer of the Year for Hopeful Journeys in 2017.
Raymond James & Company Inc. provided merger and acquisition (M&A) advisory services to VERC.
"It was an honor to be selected by Leo and Paul Vercollone to assist them with the sale of their business. They have an outstanding reputation throughout the industry and we are grateful that they entrusted Raymond James to guide them through this transaction process," said Roger Woodman, managing director of Raymond James' Convenience Store & Fuel Products Distribution Group
According to Leo Vercollone, the company selected Raymond James because of its knowledge in the convenience store industry and merger and M&A expertise.
"Raymond James added significant value to us in navigating the sale process and demonstrated their deep experience throughout," he added.
Rubin and Rudman LLP served as legal advisor to VERC Enterprises Inc. in connection with the transaction.