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RICHMOND, Va. -- Metis Capital is engaging in negotiations to sell part of its stake in Petro Group Ltd., the Israeli parent company of Fas Mart c-store operator GPM Investments, to an investment firm.
Under the proposal, Metis -- which holds rights to the stock of Petro Group -- would sell 60 percent of its stake in Petro Group, and would retain 40-percent control of the company, Dave McComas, CEO of GPM Investments, told CSNews Online yesterday. He declined to provide the name of the investment firm.
While no official agreements have been signed, McComas was hopeful it would be formalized in the coming days. He noted a potential capital infusion would be beneficial, and that he is "excited" about the prospective deal.
"Even if such a transaction were completed in the future, it will not affect us at GPM," McComas said in an internal memo obtained by CSNews Online.
GPM Investments operates 214 gas stations and convenience stores in the U.S. under the Fas Mart, Shore Stop and Double Kwik brands.
As reported first by CSNews Online in a breaking news alert yesterday, this agreement comes days after McComas shot down rumors that Petro Group was an acquisition target of EZ Energy Ltd., which operates 92 gasoline stations and convenience stores in Ohio and Pennsylvania under its subsidiary EZ Energy USA Inc.
It also follows the cancellation last month of signed agreements with an investors' group to sell Petro Group to Australian gas station operator United Petroleum pty Ltd.
Fas Mart CEO Shoots Down EZ Energy Merger Rumor
Sale of GPM Parent Nixed