Marsh Supermarkets Inc.’s owner is breaking off the Village Pantry subsidiary to create a separate business unit.
Both businesses will continue to be owned by Florida-based Sun Capital Partners.
The Village Pantry convenience store chain had long been a subsidiary of Marsh. Marsh operates 105 groceries, while Village Pantry runs 148 convenience stores.
“We believe the concept of independent, focused business units creates more value for both Marsh Supermarkets and Village Pantry, their employees, customers and suppliers,” Sun Managing Director Scott King said in a statement.
“Sun Capital Partners looks forward to growing each business with distinct business strategies and initiatives.”
Village Pantry offices will remain in Marsh’s Fishers headquarters, but its managers will report directly to Sun.
Sun today also announced new leaders for Village Pantry. The CEO will be Mick Parker, a former regional vice president for the Circle K convenience store chain.
The chief financial officer will be Steve May, a six-year Marsh veteran who most recently served as the liaison for financial reporting to Sun.
Sun purchased Marsh Supermarkets last fall for $88 million, plus the assumption of $237 million in debt.