KAISER, Mo. – After 30 years in the convenience-store business, Wayne Compton, president of Mid-Missouri Oil Co. and Jiffy Stop Food Marts, is exiting the industry with the sale of the company’s seven locations to acquisition juggernaut GPM Investments LLC.
As reported in a CSP Daily News Flash, GPM has taken ownership of the stores it purchased from Mid-Missouri Oil, Kaiser, Mo., which operated the stores in Camdenton, Eldon, Kaiser, Lake Ozark, Osage Beach, Sedalia and Versailles, Mo.
Compton said he will miss the excitement and challenges of the c-store industry but felt the time was right to let the “big operators get bigger” and for him and his daughter Cecily to focus on other projects, according to Terry Monroe, president of American Business Brokers & Advisors.
American Business Brokers & Advisors, an independent advisory and transaction-focused company based in Effingham, Ill., and WJF Services, a petroleum advisory service based in Normal, Ill., provided merger-and-acquisition (M&A) advisory services to Jiffy Stop.
This acquisition will further develop GPM’s existing portfolio in the Midwest region, the company said.
"We are very excited about these seven Jiffy Stop Food Marts. We plan to continue serving their customers with the same dedication and enthusiasm,” said Arie Kotler, CEO of GPM. “We look forward to our continued development as we grow through acquisitions."
GPM, based in Richmond, Va., operates or supplies fuel to more than 1,100 stores in Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee and Virginia.