RICHMOND, Va. -- In an acquisition that will further develop GPM Investments LLC’s existing portfolio of convenience stores in the Southeast, the company has signed an agreement to acquire Mountain Empire Oil Co. Inc., operating as Roadrunner Markets.
The 92 c-stores with Shell-, BP- or Sunoco-branded fuel sales are located in North Carolina, South Carolina, Tennessee and Virginia. The acquisition also includes seven quick-service restaurants (QSRs).
With this deal, GPM will widen its reach to more than 1,100 c-stores in 18 states: Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee and Virginia.
“We regard acquisitions as a cornerstone to GPM’s expansion, and given its proximity to our existing store base, we view the Roadrunner Markets acquisition as an integral component of our growth strategy,” said GPM President and CEO Arie Kotler. “We have enjoyed serving our loyal customers in the Southeast, and look forward to integrating these locations into the GPM family.”
GPM said it embraces Roadrunner Markets’ mission “to delight the customer in a way that makes them come back tomorrow” and plans to continue to enhance the customer experience at all of its locations.
“Our decision to work with GPM is consistent with the principles that have guided my father and serves as the foundation of his legacy, those that prioritize Mountain Empire’s customers and employees above all else. I am confident that both will be in good hands under GPM’s ownership,” said Roadrunner President and CEO Ryan Broyles.
The companies expect the acquisition to close early in second-quarter 2017.
Mountain Empire Oil is based in Johnson City, Tenn. Roadrunner Markets made its debut in 1980.
Richmond, Va.-based GPM’s network of c-stores operate under the Fas Mart, Shore Stop, Scotchman, BreadBox, Young’s, Li’l Cricket, Next Door Store, Village Pantry, Apple Market, JiffiStop, Admiral and other names.
In January, Harvest Partners SCF, a New York-based noncontrolling private-equity investor, acquired a $62.5 million minority ownership position in GPM.
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