"They're working really hard on it. I would not expect it will take long [to complete]," GPM CEO David McComas told CSP Daily News.
The deal, which tentatively would give 60% ownership of Petro Group to the as-yet unnamed private-equity firm, could mean an influx of cash for GPM, a prospect [image-nocss] McComas would welcome.
"Acquisitions would be something that would be at the forefront of our attention," he said. "But we also have developed an excellent relationship with, for example, Subway. We now operate 14 of them, so there are some opportunities to expand that business. I think it would all come down to what the best use of the capital was."
The deal would not, however, affect the day-to-day operation of GPM and Fas Mart/Shore Stop, he said.
News of the pending deal comes less than two months after a proposed sale of Petro Group to Australian gas station and c-store company United Petroleum Pty Ltd. fell through, and days after Cleveland-based EZ Energy made a salvo to purchase the company during a bondholders' meeting in Israel.
McComas was hesitant to guess the motives of current owner Metis Capital Ltd., but added, "There have been a number of people buzzing around; they must want to sell part of it or do something with it."
The Fas Mart and Shore Stop chains are owned by Mechanicsville, Va.-based GPM Investments, which is owned by Israel's Petro Group.
Israel-based Metis Capital gained control of Petro Group via a hostile takeover of Ameris Holdings Ltd. in late 2008.
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