One of the original pioneers of the gas station convenience store concept in America has sold its substantial real estate holdings in Michigan and Indiana to a private equity firm including several stores across Michigan's Great Southwest. A recognized price leader at the gas pump in many locations, Admiral Petroleum has been sold to Sun Capital Partners based in Boca Raton, Florida.
The new acquisition includes 130 Admiral-branded service stations and convenience stores and 9 Lemmen Oil Company stores across Michigan and Northern Indiana. Not included in the sale, however, are the 22 Admiral-branded discount tobacco stores.
Included in the sale are the Admiral gas station at 4318 Red Arrow Highway in Stevensville, the station at 640 Chicago Avenue in Niles, and others ranging from Marquette in the Upper Peninsula of Michigan to South Bend, Elkhart and Valparaiso, Indiana. The Admiral Discount Tobacco store at 1361 Mall Drive in Benton Harbor, and one at 1675 Phoenix Road in South Haven will remain independent along with another in Paw Paw. Other Admiral service stations in Grand Haven, Kalamazoo and Hillsdale are part of the sale for an undisclosed amount.
Sun Capital Partners, Inc. is a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies. They revealed this week that an affiliate has completed the acquisition of Admiral Petroleum Company & Lemmen Oil Company.
Admiral had been family owned and operated since 1905, and is headquartered in Coopersville, Michigan. The company was one of the first pioneers of the milk, bread, and egg concept in gas stations, which eventually became an industry standard. The company today employs approximately 1,400 people.
Industry veteran Jeff Turpin, who has more than 20 years of experience in the convenience store industry, will lead growth initiatives at Admiral as CEO. Turpin previously served as Chairman and CEO of VPS Convenience Store Group, a former affiliated portfolio company of Sun Capital.
Marc Leder is co-CEO at Sun Capital. He tells us, “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.” He adds, “We’re excited to once again partner with Jeff Turpin, whose proven track record in this industry is second to none. I’m confident his deep experience and operational know-how will be invaluable as Admiral charts an exciting course forward.”
Jared Wein is a Principal at Sun Capital. He says, “At Sun Capital, we understand the unique dynamics facing convenience store owners and operators today,” adding, “Over the course of more than a century, the Lemmen family successfully built an enduring business. We look forward to collaborating with Jeff and the Admiral management team to help the Company reach its full potential through operational enhancements, organic growth and strategic acquisitions.”
Sun Capital has strong expertise in the convenience store and retail sectors through its investments in a number of past and current affiliated portfolio companies. These include, VPS Convenience Store Group, a leading operator convenience stores; Shopko Stores, an operator of 361 retail stores in 24 states; and The Limited Stores, a specialty retailer offering upscale branded women’s contemporary American casual and working apparel in over 235 stores throughout the U.S.
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Since 1995, Sun Capital has invested in more than 320 companies worldwide across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Stockholm and Shenzhen.
