GREENWICH, Conn. — Private equity investor Catterton Partners here said Thursday that its Mid-Atlantic Convenience Stores (MACS) unit had acquired a majority interest in Uppy's Convenience Stores, a 44-unit convenience chain based in Richmond, Va., as well as a portfoilio of 170 convenience stores in Maryland, Virginia and Delaware from Exxon Mobil Corp.
MACS is a newly formed corporation backed by Catterton to acquire convenience stores. Steve Uphoff, founder of Uppy's, is MACS' chief executive officer. MACS in a statement said it would seek to acquire c-stores "as the economics of convenience stores are increasingly driven by non-fuel retail sales. Moreover, there are significant opportunities for future consolidation as MACS seeks to achieve scale in the highly fragmented convenience store industry."
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