Palm Beach Capital has made an investment in J. Polep Distribution Services, a convenience store and grocery distributor serving more than 6,000 customers in the northern U.S. Financial terms were not disclosed in the Sept. 30 announcement.
Based in Chicopee, Massachusetts, J. Polep distributes candy and snacks; fresh, frozen and refrigerated foods; cigarettes and cigars; and coffee products. Currently the seventh-largest wholesaler to the c-store industry, J. Polep services its customers from seven distribution and cross-dock centers located in Massachusetts, New Hampshire, Connecticut, New York, Rhode Island and Pennsylvania.
Palm Beach’s investment also covers J. Polep’s Rachael’s Food LLC fresh deli business.
“Our strategy is to invest in solid management teams and assist them in their long-term strategic growth plans. The management team at J. Polep and the family culture it exemplifies with its customers, vendors and employees, embodies the values that we seek in a partner,” said Mike Schmickle, partner at Palm Beach Capital, which has offices in West Palm Beach and Sarasota, Florida. “Having made our initial venture into the convenience distribution space in 2014 with our investment in New York-based Harold Levinson Associates [HLA], we have identified the industry as one that is uniquely positioned for growth and consolidation. J. Polep and HLA will both become independent members of our new convenience distribution division and we intend to add additional members in the future.”
J. Polep was founded in 1898. Over the past several years, the company has expanded its product lines to include fresh sandwiches, salads and grocery items and has added programs and value-added services to better service the convenience store retailer, it says.
President and CEO Eric Polep said, “We are excited about the future growth of J. Polep Distribution Services and our partnership with Palm Beach Capital. Our focus will remain our steadfast dedication to the customers we service and to the products they deliver, with the goal of making sure each of our customers and vendors achieve long-term success.
“Business will run as usual at J. Polep and this new partnership with Palm Beach Capital will only enhance our capabilities and unparalleled customer service,” he added.
“Knowing that Palm Beach Capital believes in our family culture and the philosophies we carry, has made this partnership extremely reassuring. We believe in the value of commitment to our people, while creating opportunities for our clients, team and the industry, and nothing is going to change that,” said Chairman Jeff Polep.