RICHMOND, Va. -- GPM Investments LLC officials are optimistic their bid to purchase a 50% stake in the U.S. unit of EZ Energy Ltd. will proceed through to closing the deal.
"We are aggressively moving forward with our due diligence and will report back when the deal is closed," Chris Giacobone, chief operating officer of GPM Investments, told CSP Daily News yesterday.
GPM on Monday offered $15 million for the stake in EZ Energy USA Inc., a chain of 91 EasyTrip and ampm stores based in Seven Hills, Ohio, as reported in a Raymond James/CSP Daily News Flash yesterday.
The bid is the first major acquisition move by GPM since new CEO and president Arie Kotler took the reins of the company in August.
Shortly thereafter, GPM closed a $50 million credit facility that included $15 million of new equity infusion. And in March, Giacobone was appointed chief operating officer, specifically to spearhead an aggressive acquisition strategy.
"We are very aggressive in the market place right now," Kotler told CSP Daily News in December. "We have liquidity, and we would like to grow the company through the opportunities available to us."
On EZ Energy's side, president and CEO Gregg Budoi said the offer is in the hands of the board of directors of parent company in Israel. "They are reviewing the offer and will report back when they reach a decision," he told CSP Daily News yesterday.
GPM Investments LLC is based in Richmond, Va., and operates 213 Fas Mart and Shore Stop convenience stores and supplies more than 115 independent dealers in Virginia, Maryland, Rhode Island, Delaware, Connecticut, North Carolina, Pennsylvania, New Jersey and Tennessee.
Both GPM and EZ Energy are run by Israeli business-equity groups.
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