VPS Convenience Store Group Buys Virginia Oil Company
WILMINGTON, N.C. - VPS Convenience Store Group, an affiliate of Sun Capital Partners, Inc., announced today the acquisition of Virginia Oil Company, a fuel wholesaler and operator of 17 convenience stores in western Virginia. With this acquisition, VPS now operates 419 stores in seven states (Indiana, Michigan, Ohio, North Carolina, South Carolina, Tennessee and Virginia) in the Southeast, Mid-Atlantic and Midwest.
This latest acquisition is another step in building the VPS presence in the Mid-Atlantic region. In January of this year, VPS acquired 22 stores in northeastern Tennessee and southwestern Virginia that were formerly operated by APPCO Convenience Stores.
Virginia Oil Company, which was founded in 1967, sells premium fuels under the brands BP, Citgo and Liberty. Several stores have fast food partnerships with McDonald’s, Blimpie and Dairy Queen. In addition, Virginia Oil has its own proprietary food brand, Everyday Café, in multiple locations.
“We are pleased to add Virginia Oil Company to the VPS group of stores,” said Jared Wien, Vice President at Sun Capital Partners. “VPS continues to grow through intelligent additions such as Virginia Oil. Through this transaction we are able to successfully expand our presence in the region as we continue to build a national convenience store platform.”
The VPS Convenience Store Group, headquartered in Wilmington, NC, operates under five brand names including Scotchman, Village Pantry, Lil Cricket, Young’s and Next Door Stores. VPS offers premium fuel brands such as Exxon, Mobil, Marathon, Valero, BP, Shell and its own proprietary brand, Carolina Petro. The VPS group is ranked 26th on the Convenience Store News Top 100 List and seventh on the Grant Thornton North Carolina 100® list of top private companies. The group has more than 3,200 employees.
BMO acted as exclusive financial advisor to Virginia Oil Company on its sale to VPS Convenience Store Group. The Cogent Group, a private real estate investment firm based in Dallas with offices in New York, provided sale-leaseback financing for the fee-owned properties in conjunction with VPS’s acquisition of Virginia Oil Company.
“We are excited to expand our Virginia presence into the Charlottesville area by acquiring such modern and well-maintained facilities,” said VPS Chairman and CEO Jeff Turpin. “Virginia Oil, which is well-known for its excellent customer service, is a great fit with our current brands. Customers can expect a seamless transition with no interruption in service as we integrate these locations into our VPS family of stores.”