9 Deals That Reveal GPM’s Acquisition Acumen

RICHMOND, Va. --GPM Investments LLC’s agreement this week to acquire Mountain Empire Oil Co. Inc.’s 92 Roadrunner Markets in four states is just the latest in a long string of deals that has given this company the reputation of being one of the most aggressive acquisition engines in the convenience-store industry.

“Our company deals in growth by acquisition,” GPM spokesperson Caroline Ward said following a recent transaction. “We do not build stores from the ground up, but instead we look for quality, existing convenience stores in great locations.”

In January, Harvest Partners SCF, a New York-based noncontrolling private-equity investor, acquired a $62.5 million minority ownership position in Richmond, Va.-based GPM, providing liquidity to the existing owners.

“We are excited to work together with the HP SCF team to find and assess acquisition opportunities, as we continue toward our goal of building the top convenience-store franchise in the United States,” said Arie Kotler, president and CEO of GPM.

“Arie and his team have proven they are the leading consolidators in the convenience-store sector,” said Sean Murphy, managing director of HP SCF. “With the strength of GPM’s platform, we feel the company has significant prospects for further growth.”

Click through for a look at GPM’s recent acquisition trophy case …

In February 2017, GPM forged a deal to acquire 92 Roadrunner Markets and seven quick-service restaurants (QSRs) in North Carolina, South Carolina, Tennessee and Virginia from Johnson City, Tenn.-based Mountain Empire Oil Co. Inc.

This deal, which strengthens the company in the Southeast, will broaden GPM's 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.

In November 2016, GPM closed on the acquisition of Admiral Petroleum Co., Coopersville, Mich., and took ownership of 170 retail outlets in Michigan and Indiana from Sun Capital Partners Inc. The outlets include 137 c-stores with fuel sales and 33 discount tobacco shops. GPM will continue to operate these stores under the current Admiral and Admiral Discount Tobacco brand names.

The deal further developed GPM’s portfolio of stores in the Midwest.

In September 2016, adding to its Midwest network, GPM acquired 20 JiffiStop c-stores in central Illinois, along with the JiffiStop name, from Smith Oil Co., Pittsfield, Ill.

GPM will continue to operate these stores under the JiffiStop brand.

In March 2016, GPM took ownership of 42 Apple Market c-stores with gasoline sales and supply to 20 dealer-operated stores in Virginia and Kentucky from Fuel USA LLC., Forest, Va. GPM will continue to operate these stores under the Apple Market name.

This acquisition further developed GPM’s portfolio of stores in the Southeast.

In February 2016, GPM took ownership of 15 c-stores with gasoline sales in southern Illinois, Iowa and Nebraska from Overland Park, Kan.-based Gas-Mart USA Inc.

This acquisition will further develop GPM’s portfolio of stores in the Midwest. The company will operate these stores under their existing brand names but may consider transitioning some stores to a GPM retail brand.

In June 2015, GPM closed on the acquisition of 161 Village Pantry and Next Door Store c-stores with gasoline sales in Indiana, Ohio, Michigan and Illinois from Sun Capital Partners’ VPS Convenience Store Group LLC, Wilmington, N.C.

This transaction added to GPM's acquisition of the Southeast operations of VPS in August 2013, which included 263 convenience stores.

In March 2015, GPM expanded in the Midwest by taking ownership of 42 c-stores with gasoline sales, as well as one Subway location, in Illinois, Iowa and Kentucky, via the c-store assets of Road Ranger LLC. The Rockford, Ill.-based company continues to operate truckstops and travel centers.

GPM rebranded the c-stores to the Fas Fuel name.

In February 2015, GPM took ownership of eight One Stop Food Store c-stores with gasoline from Arey Oil Co. Inc., Shelby, N.C. GPM converted these stores, located in North Carolina and South Carolina, to its Scotchman brand.

In August 2013, GPM closed on its purchase of the Wilmington, N.C.-based VPS Convenience Store Group LLC Southeast division, which included 263 company-operated units in North Carolina, South Carolina, Tennessee and Virginia, as well as 33 dealer locations.

The acquisition includes the retail brands Scotchman, Young's, Li'l Cricket, Everyday Shop, Breadbox and Cigarette City.