Company News

GPM Petroleum Files for IPO

$78 million could fund retail expansion

RICHMOND, Va. -- GPM Petroleum LP (GPMP), the master limited partnership (MLP) that GPM Investments LLC formed in January 2016, has filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering (IPO).

It did not disclose pricing terms. GPM originally filed for but withdrew an IPO in April 2015.

Richmond, Va.-based GPMP engages in the wholesale distribution of motor fuels on a fixed fee-per-gallon basis to GPM’s more than 800 convenience stores and to third parties.

In the filing, GPMP said it intends to use the net proceeds of the IPO to make a loan of $78 million to the GPM retail business in exchange for a 30-year note, and to repay $13.5 million outstanding under its line of credit.

GPM, also based in Richmond, controls 805 c-stores and is the exclusive motor fuel supplier to an additional 132 dealer sites throughout 18 states in the Mid-Atlantic, Southeastern, Midwestern and Northeastern United States.

Watch for details in CSP Daily News.


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