MECHANICSVILLE, Va. -- More aggressive growth of Fas Mart and Shore Stop in the Southeast is the most likely result following the recent change in ownership for the retailer's parent company, according to Dave McComas, CEO of GPM Investments LLC.
Unlike our old investor, these guys have some roots in retail, which is very helpful to us. McComas told CSP Daily News. They're extremely anxious for us to grow the business. We're working on a deal now, and it didn't get stopped or impeded a bit because the [Gmul] transaction went on. It continued to move [image-nocss] right along, and that's something out of the ordinary. So we're very please with that.
Control of 51.04% of publicly traded Israeli company Gmul Energy Ltd. was officially transferred on May 18, 2006, from Gmul Investment Co. Ltd. controlling shareholders Amnon Barzilai and Eyal Yona to a group led by Levi Kushnir, controlling shareholder in and chairman of Nechushtan Investments Ltd. and Tadiran Ampa Ltd. The deal, which CSP Daily News reported on earlier this month, had a price tag of $27 million.
Gmul Energy holds 100% of GPM Investments LLC, which operates approximately 200 convenience stores under the Fas Mart and Shore Stop banners on the East Coast of the United States. Fuel is supplied to the GPM stations by Valero Energy Corp., and the c-stores operate under the Fas Mart brand in Virginia and New England and the Shore Stop brand in Maryland, Virginia and Delaware.
"We are very excited about acquiring control of Gmul Energy and believe it is a win-win transaction for both the sellers and the buyers. Gmul Energy and GPM's management have done a great job of increasing both value and profits for shareholders. We are looking forward to working with Dave McComas, GPM's CEO, and his management team. I have no doubt that together we will be able to further strengthen GPM's market share and bottom line," said Kushnir.
Assaf Eisenstein, one of the executives working on Kushnir's team, said, "In our opinion, GPM's talented executive and management team can operate a large number of additional c-stores and gas stations within the current cost structures. This will allow GPM to maximize its existing capacity and will strengthen our position with suppliers."
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