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Mergers & Acquisitions

GPM to Acquire Empire Petroleum Partners

Deal includes wholesale and retail assets, adds 10 more states to network
GPM investments

RICHMOND, Va. — GPM Investments LLC has signed an agreement to acquire the wholesale fuel distribution operations and retail assets of Empire Petroleum Partners LLC. GPM said it expects the transaction to increase its footprint, with the combined entity distributing 2.5 billion gallons of fuel annually across more than 2,800 sites in 33 states and Washington, D.C.

The acquisition will expand the operations of growth-oriented GPM into 10 new states and add more than 225 controlled locations, including 77 retail sites.   

  • GPM is No. 6 in CSP's  2019 Top 202 ranking of c-store chains by number of company-owned retail outlets. Empire Petroleum is No. 91.

“Adding 1,457 wholesale fuel locations is a transformational event for our company, bringing significant strategic benefits and accelerating our next phase of growth” said Arie Kotler, CEO of GPM. “We welcome these dealers, along with Empire’s corporate associates and the associates at the 77 retail stores, to the GPM family and look forward to continuing the great service that has been provided by Empire.” 

Upon closing, GPM expects to operate its wholesale division out of Empire Petroleum’s Dallas headquarters and will transition its team, including its leadership, to GPM.

“Empire has a reputation for providing superior quality and service to its dealers, making it a logical combination with GPM,” said Empire CEO Rick Golman. “With a history of successful execution, Empire will complement GPM’s existing business and serve to fuel their growth moving forward.”

The companies expect the transaction to close in the first half of 2020, subject to customary regulatory and other approvals.

Empire Petroleum distributes fuel brands including BP, Chevron, CITGO, Conoco, Exxon, Gulf, Marathon, Mobil, Phillips 66, Shell, Sinclair, Sunoco, Texaco and Valero in the Mid-Atlantic, Southeast, Southwest and Midwest. It is a portfolio company of American Infrastructure Funds, Foster City, Calif., a private investment firm with approximately $3 billion in assets under management.

GPM is the largest privately owned company in the convenience channel. The company, based in Richmond, Va., operates or supplies fuel to more than 1,400 stores in 23 states: Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin. Its convenience-store brands are Fas Mart, Shore Stop, Scotchman, BreadBox, Young's, Li'l CricketNext Door Store, Village PantryApple MarketJiffi StopAdmiralRoadrunner MarketsJiffy Food MartsE-Z Mart1 Stop, TownStar, RStore, Mad Max, Baltus and Jetz.

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