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INDIANAPOLIS -- One day after CSNews Online broke the news that the 148-location Village Pantry convenience chain will be split from its parent company, Marsh Supermarkets Inc. confirmed the news in a statement.
Since Sun Capital Partners bought the company in September 2006, the company has been developing a strategic plan to move the company forward in sales and profitability. Part of the plan was to spin off the convenience chain to further the goal.
"We believe the concept of independent focused business units creates more value for both Marsh Supermarkets and Village Pantry, their employees, customers and suppliers," Scott King, managing director of Sun Capital Partners, said in a written statement. "Sun Capital Partners looks forward to growing each business with distinct business strategies and initiatives, with the objective to better serve the customers of each business."
The new Village Pantry will see Mick Parker in the role of CEO. Parker comes to the chain from Circle K, where he served as the vice president for the Florida/Gulf Coast region. Steve May, a six-year veteran of Marsh, will join Parker as CFO. May most recently served as the liaison for financial reporting to Sun Capital Partners.
Village Pantry offices will remain in the Marsh corporate office building, but will report directly to Sun Capital Partners.
"The deconsolidation of Village Pantry will be a very positive step for Village Pantry as it allows them to pursue their strategic initiatives on a broader scope," chairman, CEO and president of Marsh Supermarkets, Frank Lazaran, said in a written statement. "The management team, led by Mick Parker as CEO, will benefit greatly with this new reporting relationship. We appreciate all of the great contributions that Village Pantry has made to Marsh over the years and look forward to working with their team as a sister company."