- Pops Mart Fuel exited the convenience-store and wholesale fuel business in a December 2025 multi-buyer sale led by Sunoco LP.
- Sunoco bought 36 of Pops Marts 54 stores plus the wholesale distribution arm, lifting its U.S. store count to about 310.
- Petroleum Marketing Group acquired seven stores, while buyers for the remaining 11 locations and all financial terms were undisclosed.
- The deal highlights continued consolidation pressures in the c-store/fuel sector and aligns with Sunocos 2026 plan for at least $500 million a year in bolt-on acquisitions.
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The sale of Pops Mart Fuel’s entire c-store and wholesale business reflects both the challenges of scaling in the competitive convenience-store/fuel retail industry and rising incentives for consolidation. As a relatively new regional player (formed in 2021), Pops Mart pursued an acquisition-driven expansion strategy across North Carolina, South Carolina, and Wisconsin. However, the decision to fully exit instead of continuing that growth path shows both the difficulties smaller operators face—margin pressure, labor, transaction growth stagnation—and the attraction of receiving a credible offer from a much larger operator like Sunoco.
From Sunoco’s perspective, acquiring 36 of Pops Mart’s 54 stores plus its wholesale distribution arm provides incremental scale in key geographic markets, strengthens logistical controls, and supports its broader U.S. growth plan. The deal raises Sunoco’s U.S. store count to about 310. It also fits into the company’s stated 2026 outlook, which targets at least $500 million annually in bolt-on acquisition spending. Such acquisitions offer Sunoco opportunities to optimize operations, integrate supply chains, and potentially rebrand or rationalize acquired stores for efficiency.
But risks and open questions remain. The lack of disclosed financial terms limits evaluation of deal metrics—valuation multiples, expected synergies, and capital returns. Also, the identities and plans of the acquirers for the remaining 11 stores may affect competitive dynamics locally. For Pops Mart, exiting now could leave value on the table if growth projections were optimistic, or it could simply reflect an inability to sustain or scale under macro pressures. For the broader industry, this transaction underscores accelerating consolidation among regional c-store operators facing stagnant in-store traffic and rising input costs. The competitive pressure probably gives larger companies able to access capital or vertical integration a further edge.
Supporting Notes
- Pops Mart sold its entire c-store and wholesale business in a multi-buyer transaction led by Sunoco in December 2025.
- Sunoco acquired 36 of Pops Mart’s 54 convenience stores plus its wholesale distribution business.
- Petroleum Marketing Group acquired seven Pops Mart stores; buyers for the remaining 11 were not disclosed.
- Pops Mart operated in North Carolina, South Carolina, and Wisconsin, and had grown via acquisitions, including entering Wisconsin in 2023 with acquisitions such as Scully Oil and DJ’s Mart.
- Pops Mart was formed in 2021 after Winnsboro Petroleum sold its former locations to investors Don Draughon and JD Dykstra.
- Sunoco’s U.S. store count goes to approximately 310 following this deal.
- Sunoco’s 2026 guidance includes a “multi-year path of bolt-on acquisitions totaling at least $500 million annually.”
- Financial terms for the Pops Mart deal were not disclosed.