RICHMOND, Va. — GPM Investments LLC, a wholly owned subsidiary of ARKO Corp., has signed an agreement to acquire 61 convenience stores with gas stations in Michigan and Ohio operating under the ExpressStop banner.
ExpressStop was established in 1957 by Galen E. Wilson of Wilson Petroleum in the Saginaw, Mich., area. Corrigan Oil Co., Brighton, Mich., purchased Wilson Petroleum in 2013, creating the initial 17-store chain. In 2016, the company acquired Senior Oil and Wykstra and expanded ExpressStop to the west side of the state.
This acquisition will complement GPM’s existing 165 stores in Michigan and nine stores in Ohio.
“Our model of growing through acquisition while keeping the local banners in place has delivered significant value for all of ARKO’s stakeholders,” said Arie Kotler, chairman, president and CEO of ARKO. “Michigan and Ohio are important geographies for us, and we believe that ExpressStop is a highly regarded brand there. We look forward to welcoming those associates to the GPM family while providing ExpressStop customers with the same great quality products and services they’re used to.”
The closing of the transaction is subject to fulfillment of customary closing conditions, including obtaining all required permits and licenses. The companies expect the transaction to close during the first half of 2021.
Fifth Third Securities acted as the exclusive financial advisor to ExpressStop.
- GPM Investments is No. 7 onCSP’s Top 40 Update to the 2020 Top 202 ranking of U.S. c-store chains by store count.
Founded in 2003 with 169 stores, Richmond, Va.-based GPM has grown through acquisitions to become the seventh largest convenience store chain in the United States, with approximately 2,950 locations, including approximately 1,350 company-operated stores and approximately 1,600 dealer sites to which it supplies fuel in 33 states and Washington, D.C. Arko Corp. owns 100% of GPM.
The company operates in three segments: retail, which consists of fuel and merchandise sales to retail consumers; wholesale, which supplies fuel to third-party dealers and consignment agents; and GPM Petroleum, which supplies fuel to GPM and its subsidiaries selling fuel, as well as sub-wholesalers and bulk purchasers.
Brands include Fas Mart, Shore Stop, Scotchman, BreadBox, Young's, Li'l Cricket, Next Door Store, Village Pantry, Apple Market, Jiffi Stop, Admiral, Roadrunner Markets, Jiffy Food Marts, E-Z Mart, 1 Stop and TownStar.
Its stores offer its fasREWARDS loyalty program, a large selection of beverages, coffee, fountain drinks, candy, salty snacks and other convenience products. Stores also feature a wide array of proprietary food offerings, ranging from fresh chicken, fresh-made salads and sandwiches to healthy, grab-and-go meals.