BOSTON, Jan. 27, 2022 /PRNewswire/ -- Bob Bolduc and ArcLight Capital Partners, LLC ("ArcLight") today announce that the Pride retail chain of stores has been sold to an affiliate of ArcLight for an undisclosed amount.
Based in Springfield MA, the Pride chain totals 31 convenience stores and travel centers, 8 vacant parcels for future development, 15 Subway franchises and 15 Chester's Chicken franchises. All are located throughout Western Massachusetts and Northern Connecticut.
"The Pride stores are high-quality sites with a history of exceptional performance. Their progress into electrical vehicle charging infrastructure will be a great fit with ArcLight's energy transition focus," said Collin Krehbiel, Vice President at ArcLight. "We look forward to working and growing with the entire Pride team."
Founded in 1917 by Bob Bolduc's grandfather as a horse and carriage business, Pride recently celebrated its 100th anniversary. Pride is well known for friendly service, clean and professional facilities, signature fresh and healthy foods, and competitively priced gasoline and diesel fuels.
Bob Bolduc is particularly pleased that he found a buyer who would keep the company and their employees intact and continue to provide them with future advancement and growth potential. "Our employees and our community are family," said Bolduc. "They have always been here for us, and I am pleased that Pride will continue to acknowledge and repay that loyalty."
ArcLight will continue to use the Pride name. Marsha Medina, Pride's president for the last 10 years, will act as President and Chief Executive Officer of Pride.
About Bob Bolduc
Bolduc has a reputation as an innovator and was the first in the Commonwealth to offer automatic fire suppression systems, sell diesel at all locations, sell biofuel, and to offer fresh, healthy foods via drive-through windows at the Pride chain of convenience stores. In 2010 he was recognized as Entrepreneur of the Year in Western Massachusetts.
The Bolduc family, well known for their community support of local nonprofits, has promised to expand their charitable giving through the Bolduc Schuster Family Foundation that has been established. Plans are also underway to begin a second charitable organization, the Hope Foundation for Youth and Families, that will allow additional philanthropic capabilities. All such efforts will continue to concentrate on local charities only.
Founded in 2001, ArcLight Capital Partners, LLC is one of the leading energy infrastructure firms, helping pioneer an asset-based approach to investing in the energy sector. ArcLight has invested approximately $25 billion in 113 transactions since inception. Based in Boston, the firm's investment team employs a hands-on value creation strategy utilizing its in-house technical, operational, and commercial specialists, as well as the firm's approximately 1,500-person asset management affiliate. ArcLight has a deep track record of investing in businesses and assets that contribute to a decarbonized future, closing its first renewable power deal in 2003 with over $4 billion invested in renewable power transactions since then. ArcLight believes its two decades of power and renewables experience, along with its deep track record across the energy value chain, provide differentiated insights that will help the firm and its partners contribute to a net zero future. More information about ArcLight can be found at https://www.arclight.com/.
SOURCE ArcLight Capital Partners