Private equity firm acquires gas station chain
A long-time gas station chain based in the region has been acquired by a private equity firm.
Sun Capital Partners said this week that an affiliate has acquired Coopersville-based Admiral Petroleum Company & Lemmon Oil Company.
The acquired company, founded in 1905, operates 130 Admiral-branded locations, as well as nine Lemmen-branded gas stations in Michigan and Indiana and employs about 1,400 people.
Sun Capital Partners said Admiral was one of the first gas station companies to offer convenience store items such as milk, eggs and bread.
“Admiral has been an innovator in the convenience store sector, and we look forward to building on the business’ strong reputation as it explores new growth opportunities,” said Marc Leder, co-CEO, Sun Capital Partners.
Turpin Turpin, who was previously chairman and CEO of a Sun Capital portfolio company, VPS Convenience, will take over as CEO at Admiral, with growth initiatives in place.
“We’re excited to once again partner with Jeff Turpin, whose proven track record in this industry is second to none,” Leder said. “I’m confident his deep experience and operational know-how will be invaluable as Admiral charts an exciting course forward.”
Boca Raton, Florida-based Sun Capital Partners has several portfolio companies in the convenience sector, including VPS, Shopko Stores and The Limited Stores.
The private equity firm has invested in more than 320 companies across the globe in the food and beverage, industrial packaging, chemical, building products, automotive, restaurant and retail industries.