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RICHMOND, Va. -- Mid-Atlantic Convenience Stores (MACS), an investment platform backed by private equity firm Catterton Partners, acquired 58 convenience stores and fuel stations from Exxon Mobil Corp.
The sites are located in Northern Virginia and Maryland. Terms of the transaction were not disclosed.
“This transaction further strengthens our branded leadership and market share position in the Mid-Atlantic States through the high quality brands of both Exxon and Mobil,” Steve Uphoff, CEO of MACS, said in a statement. “We plan to continue to pursue additional acquisition opportunities that will bolster our position in the Mid-Atlantic and build upon our record of integrating assets into our platform. We also remain focused on leveraging our industry expertise, along with the financial and strategic support from Catterton, in order to optimize operations, expand our retail offerings and enhance the customer experience.”
MACS, a c-store operator and one of the largest ExxonMobil-branded wholesalers in the U.S., was formed by Catterton Partners to acquire convenience stores in the fragmented convenience store industry, according to the company.
“We established MACS to take advantage of the significant consolidation and organic growth opportunities we see in the convenience store industry, and are pleased to add 58 new properties to MACS’ existing portfolio of stores,” Nik Thukral, partner at Catterton Partners, said in a statement. “This transaction is consistent with our strategy of acquiring attractive properties with superior operating metrics in attractive geographies in order to achieve scale, and we will continue to seek opportunities to add to the portfolio. With MACS’ experienced management team and a differentiated retail strategy, we are confident we can maximize the success of each site.”
In June 2010, MACS acquired a majority interest in Uppy’s Convenience Stores Inc., along with 170 convenience stores and gas stations from ExxonMobil, located in Maryland, Virginia and Delaware.
With the addition of the sites announced today, MACS has nearly 300 convenience store operations across the mid-Atlantic, according to the company.