Significant growth opportunities are expected for Admiral & Lemmen through their recent acquisition by Sun Capital Partners.
Sun Capital Partners Inc., a private investment firm, has announced that one of its affiliates has completed the acquisition of Admiral Petroleum Co. & Lemmen Oil Co.
Admiral, which had been family owned and operated since 1905, is headquartered in Coopersville, Mich., and includes 130 Admiral-branded gas and convenience stores, as well as nine Lemmen-branded gas and convenience stores across Michigan and Indiana. Admiral was one of the first pioneers of the milk, bread and egg concept in gas stations, which eventually became an industry standard. Admiral currently 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.
“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,” said Marc Leder, co-CEO at Sun Capital. “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.”
“At Sun Capital, we understand the unique dynamics facing convenience store owners and operators today,” said Sun Capital principal Jared Wien. “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.