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RICHMOND, VA. – GPM Investments strengthens its presence in the Midwest.
The company, a wholly owned subsidiary of Arko Corp., signed an agreement to acquire 61 Express Stop convenience stores in Michigan and Ohio. The deal will complement GPM’s existing 165 stores in Michigan and nine stores in Ohio.
“Our model of growth through acquisition while maintaining local banners has brought significant value to all ARKO stakeholders,” said Arie Kotler, chairman, president and CEO of ARKO. “Michigan and Ohio are important regions to us, and we believe Express Stop is a highly respected brand there. We look forward to welcoming these employees to the GPM family and providing Express Stop customers with the same high quality products and customers Offer services that they are used to. “
Fifth Third Securities acted as exclusive financial advisor to Express Stop.
This acquisition will add 1,350 company-operated stores to GPM’s existing network. It is expected to close in the first half of 2021.
The acquisition of Express Stop C-Stores is GPM’s first since Arko joined Nasdaq in late 2020. In September, Arko Holdings entered into a definitive agreement with Haymaker Acquisition Corp., a publicly traded special-purpose acquisition company, to form a business combination . Upon completion of the combination, Arko Corp. – the new company – as a publicly traded US company.
“Today is an important milestone as we drive the next chapter in our growth as a publicly traded US company. We operate in an attractive and highly fragmented industry and have established a proven platform for acquisitions, as demonstrated by our successful track record in closing Transactions, “Kotler said when the line closed in December.
Richmond-based GPM was founded in 2003 with 169 stores and has grown to approximately 2,950 locations through acquisitions, including approximately 1,350 company-operated stores and 1,600 dealer locations to which it supplies fuel in 33 states and Washington, DC