Growing trend causes big convenience store chain to shutter

In the convenience store space, size seems to matter.

"With expenses rising and labor continuing to be a daily struggle, many c-store retailers are choosing one of two directions: take a chance to grow the business through an acquisition or sell the company and make a clean exit. Industry experts have said that they don’t foresee this years-long trend slowing down in 2026," C-Store Dive reported.

In 2025, Maverik completed its rebranding of Kum & Go locations after acquiring the chain in 2023, reflecting the broader consolidation trend in the c-store industry.

That trend has continued in 2026 with Pops Mart, a 54-store chain, selling itself to three separate buyers.

Pops Mart exits the convenience-store business

Pops Mart Fuel has sold its 54 convenience stores to three separate buyers.

"Sunoco LP purchased 36 of Pops Mart’s 54 convenience stores in addition to its wholesale distribution business, according to American Business Brokers & Advisors’ website. Meanwhile, according to the website, Petroleum Marketing Group acquired seven of Pops Mart’s c-stores, and details on who acquired the other 11 stores were not immediately available," C-Store Dive reported.

Financial details were not disclosed.

American Business Brokers and Advisors, the Fort Myers Beach, Florida-based firm that provided merger and acquisition advisory services to Pops Mart Fuel, shared on Jan. 19 that the sale was completed. 

Pops Mart had a short run

The convenience store chain "formed its own LLC in 2021 after former parent company Winnsboro Petroleum sold its then two dozen locations to retail fuel investors Don Draughon and JD Dykstra," according to C-Store Dive. The company also made several small-scale deals as it grew its network to 54 stores.

Pops Mart had been working on growth plans when it was approached to sell.

"The company had been considering additional dealer-site acquisitions to keep expanding when it was approached by Sunoco. The strategic and operational synergies between the two firms ultimately led to the decision to sell the entire business," American Business Brokers & Advisors President Terry Monroe told Mass Market Retailers.

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The acquiring companies have not announced when they will convert the Pops Mart stores into their brand.

"Pops Mart’s exit reflects a broader trend of consolidation in the convenience-store industry, as smaller regional operators keep selling assets amid a tough operating environment characterized by stagnant in-store transaction growth and rising competitive pressure," wrote Thorvardur de Shong for Mass Market Retailers.

Smaller c-store chains being bought is a growing trend

• Kum & Go (U.S. Midwest chain): Once a longstanding Midwest convenience store and fuel chain founded in 1959, it was sold to Maverik (and its parent FJ Management) in 2023, and the brand was phased out fully in 2025, C-Store Dive reported.
• Freedom Oil Company (Illinois & Florida chain): Family‑owned for decades, Freedom Oil operated roughly 27 convenience store/fuel sites across Illinois and Florida. In late 2025 the company sold all its convenience store assets to Midwest retailer Mizpah Ventures, marking its exit from the c‑store business after about eight decades. The sale effectively ended the Freedom Oil brand’s presence as those locations either closed or transitioned branding under the new owner, according to C-Store Dive.
• CEFCO (Southern U.S. brand): A 73‑year‑old convenience store brand with roots in the South, CEFCO was acquired by a larger U.S. convenience operator. After the purchase, the decision was made to eliminate the CEFCO name and rebrand locations under the acquiring operator’s banner, effectively ending the original brand, according to TheStreet.

Pops Mart Fuel: C-store timeline

• 2021, Formation of Pops Mart Fuel, LLC: Pops Mart Fuel was formed after retail fuel investors Don Draughon and JD Dykstra acquired 24 convenience store locations from Winnsboro Petroleum, establishing the company to operate fueling stations and convenience stores, according to a press release.
• Late 2022, Expansion into C-Stores: In December 2022, Pops Mart Fuel acquired 14 convenience stores and seven wholesale fuel dealer locations from Anderson Oil Co., expanding its branded retail fuel site offerings (Shell and Exxon), CSP Daily News reported.
• Late 2022, Entry into Eastern North Carolina: The company continued growth by acquiring six c-stores with fuel from Mallard Oil Co. in eastern North Carolina, according to CSP Daily News.
• 2023, Expansion into Wisconsin: Pops Mart expanded beyond the Carolinas by acquiring multiple convenience stores and fuel dealer locations in Wisconsin, including seven locations via DJ’s Mart and travel center acquisitions, reported C-Store Dive.
• By late 2023/early 2024, Retail Footprint Growth: At this point, Pops Mart was operating more than 42 stores across South Carolina, North Carolina, and Wisconsin through acquisitions of c-stores with fueling, according to CS News.
• Dec. 2025, C-Store Business Sale to Sunoco and others: In December 2025, Pops Mart Fuel sold 36 of its 54 convenience stores (and its wholesale fuel business) to Sunoco LP, with additional locations acquired by Petroleum Marketing Group and others, marking the company’s exit from the c-store and fuel retail industry, reported C-Store Dive.

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