Transaction Consistent with Strategy to Achieve Density and Scale in Convenience Store Industry

RICHMOND, Va., Aug. 25 /PRNewswire/ -- Mid-Atlantic Convenience Stores (MACS), an investment platform backed by Catterton Partners, the leading consumer-focused private equity firm in North America, announced today that it has acquired 58 convenience stores/fuel stations, located in Northern Virginia and Maryland, from the Exxon Mobil Corporation (NYSE: XOM).  Terms of the transaction were not disclosed.  

MACS is a leading convenience store operator in the Mid-Atlantic region and one of the largest ExxonMobil branded wholesalers in the U.S.  MACS was formed by Catterton Partners to acquire convenience stores in the highly fragmented convenience store industry.  In June 2010, MACS acquired a majority interest in Uppy's Convenience Stores, Inc. and 170 convenience stores/fuel stations from ExxonMobil in Maryland, Virginia and Delaware.  With the addition of the sites announced today, MACS now has nearly 300 convenience store operations across the Mid-Atlantic.

"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," said Nik Thukral, a Partner at Catterton Partners.  "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."

"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," said Steve Uphoff, Chief Executive Officer of MACS.  "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."

About Mid-Atlantic Convenience Stores, LLC (MACS)

MACS is an investment platform backed by Catterton Partners, formed to acquire convenience stores in the highly fragmented c-store industry.  With nearly 300 convenience store operations operating primarily under the Uppy's and On the Run banners, MACS is a leading convenience store operator in the Mid-Atlantic region and through its operating subsidiary, Southside Oil, is one of the largest ExxonMobil fuel marketers in the U.S.  

About Catterton Partners

With more than $2.5 billion under management, Catterton Partners is the leading consumer-focused private equity firm in North America.  Since its founding in 1989, Catterton has leveraged its investment capital, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market consumer industry.

Catterton Partners invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Media and Marketing Services, and Consumer Health.  Representative investments that Catterton Partners has led include Breyers Yogurt, Cheddar's Restaurants, Heartland Recreational Vehicles, O.N.E. (One Natural Experience) beverages, Nature's Variety Pet Food and Restoration Hardware.  Representative realized investments include Baja Fresh Mexican Grill, Build-A-Bear Workshop, Frederic Fekkai, Kettle Foods, Odwalla, P.F. Chang's China Bistro and Wellness Pet Food.

More information about the consumer-focused private equity firm can be found at http://www.cpequity.com.

SOURCE Mid-Atlantic Convenience Stores, LLC

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