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Mergers & Acquisitions

GPM Enters Florida Market

Takes ownership of 18 c-stores as part of Southeast growth strategy
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RICHMOND, Va. — GPM Investments LLC, through a subsidiary, has taken ownership of 18 convenience stores with fuel sales in Florida from Town Star Holdings LLC. This acquisition marks GPM’s entry into the Florida market, a path upon which the company said it plans to continue to expand as part of its growth strategy in the Southeast.

With the addition of these Town Star stores, GPM has widened its reach to about 1,400 stores, the company said.

Many of these stores have a strong foodservice presence as well, with 10 in-store Subway restaurants.

“We are very excited about the Town Star stores. We have plans to launch our proprietary Fas Rewards loyalty program as soon as possible to offer our new customers great savings and value when they visit us,” said CEO Arie Kotler. “We plan to provide these customers with quality service and superior products. Also, bringing the Town Star 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.”

Junonia Capital LLC, Fort Myers, Fla., formed Town Star, also based in Fort Myers, through the acquisition of 13 c-stores in Florida from TimeSaver Food Stores Co., Port St. Lucie, Fla., in 2014 and the purchase of five c-stores from RaceTrac Petroleum Inc., Atlanta, in 2015.

GPM, based in Richmond, Va., now operates or supplies fuel to stores in Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia. Its stores offer a large selection of grocery items, such as fresh fruit, fresh-made salads and sandwiches, grab-and-go meals, a proprietary Fas Snacks line, an exclusive (e)vapors line and many other products. Stores operate under the Admiral, Apple Market, BreadBox, E-Z Mart, Fas Mart, Jiffi Stop, Jiffy Stop, Li’l Cricket, Next Door Store, 1-Stop, Roadrunner Markets, Scotchman, Shore Stop, Village Pantry and Young’s brands.

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