RICHMOND, Va. -- GPM Investments LLC’s agreement this week to acquire Mountain Empire Oil Co. Inc.’s 92 Roadrunner Markets in four states is just the latest in a long string of deals that has given this company the reputation of being one of the most aggressive acquisition engines in the convenience-store industry.
“Our company deals in growth by acquisition,” GPM spokesperson Caroline Ward said following a recent transaction. “We do not build stores from the ground up, but instead we look for quality, existing convenience stores in great locations.”
In January, Harvest Partners SCF, a New York-based noncontrolling private-equity investor, acquired a $62.5 million minority ownership position in Richmond, Va.-based GPM, providing liquidity to the existing owners.
“We are excited to work together with the HP SCF team to find and assess acquisition opportunities, as we continue toward our goal of building the top convenience-store franchise in the United States,” said Arie Kotler, president and CEO of GPM.
“Arie and his team have proven they are the leading consolidators in the convenience-store sector,” said Sean Murphy, managing director of HP SCF. “With the strength of GPM’s platform, we feel the company has significant prospects for further growth.”
Click through for a look at GPM’s recent acquisition trophy case …