Dive Brief:
- Southeast convenience retailer Fresh Stop and its president, Matt Pickelsimer, parted ways earlier this month, and its CEO, Joe Teague, has resigned, Ryan Hanks, CEO of parent company Madison Capital Group, confirmed to C-Store Dive.
- Teague and Pickelsimer became CEO and president, respectively, of Fresh Stop and Madison’s Links Car Wash banner last summer. Less than a year later, Pickelsimer has departed the company, while Teague has decided to “semi-retire” and build a legal practice that offers counsel to Madison, Hanks said in a statement.
- Pickelsimer’s and Teague’s departures coincide with Madison’s new growth plans. The real estate investment and development firm hopes to raise $200 million to open more Fresh Stop and Links locations.
Dive Insight:
Madison opened its first set of Fresh Stop stores in early 2025 and has reached 17 open locations across Texas, Florida and Arkansas to date, as well as roughly 30 Links car washes in Texas, Florida and South Carolina, according to both brands’ websites. In a statement, Hanks said that the $200 million Madison is asking investors for would be used to acquire roughly 20 to 30 c-stores and the same amount of car washes.
As Madison aims to double the size of Fresh Stop and Links, Teague’s and Pickelsimer’s exits — as well as last December’s departure of Chief Operating Officer Scott Burchfield — leave significant holes atop both brands’ leadership teams. When asked why the firm decided to part ways with Pickelsimer, Hanks said that Madison “recognized the need for dedicated senior leadership within each vertical rather than a single leader overseeing both.”
Pickelsimer noted in a message to C-Store Dive that he initiated his departure from Fresh Stop.
Madison named car wash industry veteran Mark Torres as CEO of the Links banner earlier this month. However, leadership roles and responsibilities atop Fresh Stop remain unclear. Hanks said that in the interim, Madison’s “existing senior team and investment committee” will assume leadership responsibilities of Fresh Stop.
“This shift allows for more focused execution and greater operational depth at the brand level,” Hanks said regarding the leadership shift.
Correction: A previous version of this story, including the story caption, inaccurately reported the nature of Matt Pickelsimer’s separation from Madison Capital Group. The article has been updated.
