RICHMOND, Va. -- GPM Investments LLC has taken ownership of 11 1 Stop convenience stores with fuel sales in Michigan from DMJ Corp.
It is GPM’s third acquisition in 2018. In March, GPM Southeast LLC, a subsidiary of GPM, took ownership of five c-stores with fuel in South Carolina under the Crenco Food Stores banner. And in April, GPM took ownership of 273 c-stores in Texas, Oklahoma, Louisiana and Arkansas from E-Z Mart Stores Inc. in a deal announced in December.
This growth will further develop GPM’s existing portfolio in the Midwest region, the company said.
1 Stop was founded in 1948 in Flint, Mich., by Don Pietras Sr. and his wife, Edna; it is a third-generation, family-owned retail gas and c-store operator.
“Our core focus with this sale was to find a strategic buyer that would carry on the same high standards and values toward our customers and employees,” said Don Pietras III, president of DMJ, which is now based in Davison, Mich. “My brothers Todd, Jason and I have been proud to continue the fine work of our father, Don Pietras Jr., and his father. It has been a privilege for the entire family to serve and support our local communities, and we’d like to thank our loyal team of employees in representing our company with honor.”
In addition to traditional c-store offerings, 1 Stop Stores offer a proprietary loyalty program. In one year, 1 Stop customers earned more than $163,000 in free fuel and $100,000 in free drinks and merchandise by means of the 1 Stop My Savings Card, the company said.
"We are very excited about acquiring the 1 Stop Stores,” said Arie Kotler, CEO of GPM, Richmond, Va. “The Pietras family and their employees have served their customers with dedication and enthusiasm. We are eager to remain on the same path of service with passion and commitment. Bringing the 1 Stop family of associates into the GPM fold was very important to our leadership team. We look forward to our continued development as we grow together through acquisitions.”
Downstream Energy Partners LLC (DEP) provided exclusive merger and acquisition advisory services to DMJ. Chicago-based DEP is a leading investment bank specializing in M&A advisory services to middle-market companies within the downstream energy sector. “GPM Investments has acquired a quality chain of stores in a location strategic to their growing national footprint,” said George Wedemeyer, managing partner of Downstream Energy Partners.
With recent acquisitions, GPM Investments has widened its reach to about 1,400 c-stores. The company now operates or supplies fuel to stores in Arkansas, Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia. GPM ranked No. 6 in a year-end update of CSP’s2017 Top 202 list of the largest c-store chains in the United States.
Header photo courtesy of bizzo_n.
1 Stop photo courtesy of 1 Stop.
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