Dive Brief:
- Pops Marts Fuels LLC, which operates over 40 convenience stores in the Carolinas, has acquired seven c-stores in Wisconsin through two separate acquisitions over the past week, according to multiple announcements from advisory firm American Business Brokers & Advisors, which coordinated the deals.
- The newly acquired locations include the five-location Fuel Service – DJ’s Mart chain based in Chippewa Falls, and two travel centers from Lyndon Station-based Scully Oil.
- These acquisitions bring Pops Mart’s network to 49 stores overall and expand the c-store chain into Wisconsin, its third state of operation.
Dive Insight:
This move into Wisconsin means Columbia, South Carolina-based Pops Mart has not only moved into its third state, but has planted its flag in the Midwest and introduced itself as new competition for established players in the region.
In Chippewa Falls, Pops Mart will mainly compete with Kwik Trip and Alimentation Couche-Tard-owned Holiday Stationstores, both of which have multiple locations in the area. Lyndon Station, on the other hand, is a much smaller area without significant c-store competition.
Pops Mart did not specify why it has targeted Wisconsin with its latest acquisitions, which also include various wholesale fuel distribution and transportation assets in addition to the convenience stores. Don Draughon, CEO of Pops Mart, said the company is excited to grow its c-store and wholesale businesses in the state.
Founded in 1971, Fuel Service – DJ’s Mart is a second-generation owned company that opened its first store in 1981. Founder Jack Salden sold the business to his son, John, and Lisa Salden in 2002, after which the company grew to five locations. Selling to Pops Mart was the Saldens' way of exiting the retail and wholesale fuel business, they said.
“The transaction was a win-win for Fuel Service – DJ’s Mart and Pops Mart Fuels, LLC and all the employees involved,” the Saldens said.
The same goes for Scully Oil, which was founded in 1932. Former President Jeff Scully said no one in his family was interested in taking over the business, so the timing to sell the business worked out.
