An Affiliate of Sun Capital Partners Acquires Worsley Operating Companies, an Operator of 124 Convenience Stores in North and South Carolina

BOCA RATON, Fla.--()--An affiliate of Sun Capital Partners, Inc. (Sun Capital) today announced that one of its affiliates has acquired the business of Worsley Operating Companies and various affiliated entities (collectively, Worsley). Worsley operates 124 convenience stores in North and South Carolina under the Scotchman, Youngs, and S-E names and sells premium fuel under several major petroleum brands including: BP, Exxon, Shell, Mobil, and Sunoco as well as its proprietary brands Carolina Petro and Anytime Energy. Terms of the acquisition were not disclosed.

Worsley also announced the appointment of Jeffrey W. Turpin as its President and CFO effective immediately. Turpin was formerly the Chief Operating Officer and CFO of Worsley and has been with the Company for 13 years.

Jeffrey W. Turpin said, This is a wonderful opportunity for Worsley, our customers, and associates to join forces with Sun Capital, a sponsor with deep operating and financial resources. Sun Capital shares our operating philosophy and commitment to service, giving us the ability, not available in our previous structure, to enhance the value proposition for our loyal customers.

Another affiliate of Sun Capital, Village Pantries Holding Corp. (Village Pantry) operates 190 convenience stores throughout Indiana, Michigan, and Ohio, providing a broad selection of grocery, delicatessen, and bakery items as well as other value-added service offerings. Village Pantry enjoys the second largest market share in Central Indiana and provides fuel services at 139 locations. In October 2007, Village Pantry acquired Imperial Company, Inc., the operator of 33 Next Door Store convenience stores in Michigan and northern Indiana. In February 2008, Village Pantry acquired nine Ameristop stores in Ohio.

Separately, an affiliate of Sun Capital has signed a definitive agreement to acquire substantially all the assets of Lil Cricket Food Stores, Inc. (Lil Cricket). Lil Cricket operates 88 convenience stores in South Carolina and sells premium fuel under several major petroleum brands including Valero and Marathon.

David A. Blechman, Principal, Sun Capital Partners, Inc., commented, We are pleased to add Worsley and Lil Cricket to our growing portfolio of convenience store affiliates. These acquisitions more than double the number of stores owned and operated by our affiliates and will extend our footprint into two states where we did not have prior representation. We expect to take advantage of the economies of scale and increased merchandising opportunities afforded by this transaction as we continue to re-invest in stores and improve our service to customers.

Morgan Keegan & Company, Inc. served as financial advisor to both Worsley and Lil Cricket.

About Sun Capital Partners, Inc.

Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 185 companies worldwide with combined sales in excess of $35.0 billion since Sun Capitals inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Tokyo, and Shenzhen. For more information, please visit www.SunCapPart.com.

Contacts

Sun Capital Partners, Inc., New York
David A. Blechman, Principal, 212-588-9156

Contacts

Sun Capital Partners, Inc., New York
David A. Blechman, Principal, 212-588-9156