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TEL AVIV, Israel -- Gmul Energy, parent company to Fas Mart convenience stores, paid $50.8 million for 74 Sweet Oil gas stations and convenience stores located on the East Coast, CSNews Online reported last week. Since then, the company's CEO has expanded on its growth strategy for the U.S.
"These acquisitions are part of our growth strategy to achieve sales of $1 billion in 2007," Asaf Eisenstein CEO for Gmul, told the Jerusalem Post.
Gmul has also extended its existing agreement with Valero to provide its brand, equipment and fuel to the new stations.
This purchase will bring the company's U.S. stores to 294, which operates the stores through its subsidiary, GPM, under the Fas Mart banner. With the purchase, Gmul has increased its U.S. presence 33 percent, the Post reported.
Stations -- located in Delaware, Maryland, Virginia, New Jersey and Pennsylvania -- have combined sales of more than $200 million per year and sell more than 70 million gallons of gas annually.