PHILADELPHIA -- Private equity firm Catterton Partners completed the sale of Mid-Atlantic Convenience Stores (MACS) to a division of Sunoco Inc. for an undisclosed sum. Richmond, Va.-based MACS operates convenience stores and gas stations in Maryland, Delaware, Virginia and Washington, D.C.
"We are very excited about the addition of MACS to the Sunoco retail network," said Robert W. Owens, president and CEO of Sunoco Inc. "MACS has developed a strong and successful retail organization that fits well with Sunoco's existing operations and footprint."
MACS owns and operates 71 convenience stores that were rebranded to Circle K locations earlier this year. It also has an exclusive development agreement with Circle K.
Sunoco has yet to make any decisions regarding whether the 71 stores will continue to operate under the Circle K brand moving forward, nor whether the exclusive development agreement will be affected, Jeff Shields, communications manager for Sunoco, told CSNews Online.
In addition to its 71 company-owned stores, MACS also has 230 dealer-operated sites. All 301 convenience stores and gas stations are included as part of this acquisition, Shields confirmed.
According to Philadelphia-based Sunoco, a division of Energy Transfer Partners LP, it will operate the MACS business as a separate entity. Hence, no management changes are expected regarding MACS' leadership at this time.
"We have tremendous respect for what MACS has accomplished, and we will work collaboratively to preserve the best of both the MACS and Sunoco worlds," Owens said.
Catterton Partners first invested in MACS in 2010.
"Our investment in MACS represents another successful strategic partnership for Catterton," said Scott A. Dahnke, co-managing partner. "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 organization."
Sunoco owns, operates and/or supplies roughly 5,000 retail fuel outlets in 25 states, including its signature APlus convenience stores.