RICHMOND, Va. -- Seeking as part of its strategic positioning from its inception to be acquired by a larger entity, Durham, N.C.-based Fuel USA LLC has achieved that goal.
As reported in a McLane Co./CSP Daily News Flash, GPM Investments LLC has signed an agreement with Fuel USA to acquire its 42 Apple Market convenience stores with gasoline and approximately 25 dealer-operated stores in southwestern Virginia and eastern Kentucky.
“Fuel USA is pleased to have its Apple Market stores and dealer operations join a quality operator like GPM. This step allows us to accelerate our plan by several years to become part a larger organization. We believe this is a very positive step for our customers, employees and shareholders,” said Fuel USA CEO Don Draughon.
Fuel USA was formed in 2015 with the inaugural acquisition of 52 Apple Markets and 19 dealer locations from Workman Oil Co., Forest, Va.
The acquisition of Fuel USA will grow GPM’s existing portfolio of stores in the Southeast.
“We are thrilled to continue our path of expansion and we view this store acquisition as a very important part of our growth plan,” said GPM president and CEO Arie Kotler. “We have enjoyed serving our loyal customers in Virginia and Kentucky, and we look forward to making these locations a new part of the GPM family.”
GPM said it anticipates extending an offer to the existing operations employees of the acquired stores to join the GPM family.
The companies expect the acquisition to close in the first quarter of 2016, they said.
Richmond, Va.-based GPM is one of the largest privately-owned companies in the convenience-store channel of business, operating 665 company stores, as well as more than 100 dealer locations. The company operates or supplies stores in Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee and Virginia.
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