RICHMOND, Va. — GPM Investments LLC will add another 60 convenience stores in the Midwest through a pending acquisition announced Nov. 23.
The company signed a letter of intent to purchase the stores a day earlier. While GPM would not say who the stores are being purchased from, a form filed with the U.S. Securities and Exchange Commission says the “self-operated sites” in the Midwest will be purchased for approximately $100 million. The terms of the letter allow for another four sites to be acquired as well, to be determined at a later date.
In recent years, the Richmond, Va.-based company has grown in the Midwest through acquisitions in Wisconsin, Arkansas, Oklahoma and other stores. It also entered the Florida market in 2019.
GPM Investments LLC and its Israel-based controlling shareholder Arko Holdings Ltd. signed an agreement in September with Haymaker Acquisition Corp. II to form a new, publicly traded company called Arko.
The Haymaker transaction "provides us with increased liquidity and access to the broader capital markets, enabling us to continue to execute on our proven growth strategy,” said Arie Kotler, CEO of Arko and GPM.
- GPM is No. 7 on CSP's 2020 Top 202 ranking of c-store chains by number of company-owned retail outlets.
GPM Investments was founded in 2003 with 169 stores, and following the consummation of the Empire Petroleum acquisition, has 2,930 locations comprised of 1,350 company-operated stores and 1,580 dealer sites to which it supplies fuel, in 33 states and Washington, D.C. Its 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.
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