MECHANICSVILLE, Va. -- Metis Capital Ltd., controlled by Amnon Barzilay and Mony Harel, is attempting a hostile takeover of Ameris Holdings Ltd. and its subsidiary, Petro Group Ltd., Globes Online has reported. Petro Group owns the Fas Mart and Double Kwik gas and convenience store chain in the United States, as well as concessions to sell gasoline to these gas stations, through GPM Investments LLC, Mechanicsville, Va.
However, GPM Investments president and CEO Dave McComas told CSP Daily News that since 2003, Petro Group has changed hands several times, with different [image-nocss] Israeli investors, and "from a day-to-day operations point of view, there is really no effect at all" on Fas Mart or the other U.S. operations. "We don't anticipate that there will be any changes; right now, it is not affecting us in the least," he said.
Metis Capital has reached a 12% holding in Petro Group and also holds 62% of Ameris's bonds, the report said.
Metis Capital said that it bought 986,141 Petro Group shares last week at NIS 5 ($1.27 U.S) per share. A few weeks ago, Metis Capital bought 5.4% of the company, and it now owns 1.8 million shares, amounting to 11.7% of the company. At the same time, Metis Capital bought Ameris bonds and 13.17% more of Ameris's shares, on which Metis Capital had a lien to secure a NIS 2 million ($509,554 U.S.) loan.
Metis Capital imports and sells vehicles and spare parts. It also has a car rental and leasing business through its 50% stake in Subaru importer Japan Auto Ltd. and wholly owned subsidiary Metis Vehicle Ltd.; as well as income-producing real estate.
Ameris and Petro Group were until a few months ago owned by Arcadi Gaydamak. Zwi and Yossi Williger took over the company when they exercised their lien on Gaydamak's shares, said the report. Petro Group's share price has fallen 80% since January.
Petro Group Ltd., formerly Gmul Energy Ltd., is an Israel-based company. GPM Investments operates about 280 Fas Mart convenience stores in Connecticut, Delaware, Maryland, New Jersey, North Carolina, Pennsylvania, Rhode Island, and Virginia. GPM also owns and operates the Shore Stop network of c-stores along the Eastern Shore of Maryland and Virginia. In 2004 Fas Mart acquired New England chain DB Mart (36 stores) and converted them all to the Fas Mart banner. The company also supplies petroleum products to a network of about 60 independent third-party dealers.
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