Private equity firm sells gas station chain
A national convenience store company has acquired a long-time West Michigan operator of gas stations and its sister chain of tobacco stores.
Richmond, Virginia-based GPM Investments said last month it has acquired 170 Admiral Petroleum Co. stores in Michigan and Indiana: 137 gas stations and 33 tobacco stores.
The company purchased the stores from Boca Raton, Florida-based Sun Capital Partners, a private equity firm, which acquired the Admiral stores in May.
Terms of the deal were not disclosed.
“Our past investment experiences in the convenience store sector helped us recognize significant potential in Admiral,” said Marc Leder, co-CEO, Sun Capital Partners. “We were able to quickly unlock enormous value by supporting the management team’s focus on operational improvements and are looking forward to seeing the company thrive under its new owners.”
Admiral and Admiral Discount Tobacco stores will continue to be operated under the same brand names.
“The Admiral store employees have served customers with dedication and enthusiasm," said Chris Giacobone, COO, GPM Investments. "We are eager to remain on the same path of service with passion and commitment. Bringing the Admiral employees into the GPM family was very important to our leadership team, and we look forward to our continued growth with these new stores.”
Founded in 1905 and based in Coopersville, Admiral includes 161 Admiral brand and nine Lemmen brand stores in Michigan and Indiana.
Run by CEO Jeff Turpin, Admiral employs about 1,400 people.
The company launched Admiral Discount Tobacco in 1995.
GPM Investments operates 1,000 stores in 18 states and began its growth in earnest in 2013.
The company includes numerous brands: Scotchman; Young’s; Li’l Cricket; Quick & Easy Everyday Shop & Café; BreadBox; Cigarette City; fas mart; Shore Stop; Village Pantry; and Next Door Store.
GPM expanded into the Midwest with the acquisition of Road Ranger convenience stores.