You are here
MECHANICSVILLE, Va. -- Operator of the convenience chain Fas Mart, GPM Investments, will pay $60 million plus inventory to acquire 110 gas stations on the East Coast, reported Globes Online.
The sale -- by Petro Group Ltd., which is controlled by Arcadi Gaydmak through Ameris Holdings Ltd. -- is expected to close the purchase during the fourth quarter after due diligence is completed, the report stated. GPM will finance the acquisition from shareholders' equity, bank credit and a real estate investment trust (REIT), which will buy 70 of the properties in a buy and lease-back deal, the report stated.
Due to a confidentially agreement, Dave McComas, GPM president and CEO, could not answer CSNews Online's request for more information. However, he did divulge that GPM "will operate the vast majority of the stores as co-op Fas Marts."
GPM currently operates 280 gas stations and convenience stores under the Fas Mart and Shore Stop banners in Connecticut, New Jersey, Pennsylvania, Delaware, Maryland, Virginia and North Carolina.