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RICHMOND, Va. -- GPM Investments LLC closed its deal to acquire VPS Convenience Store Group's Southeast division. The closing ushers in a new division of the Richmond-based company, GPM Southeast LLC, which will be based in Wilmington, N.C.
GPM Southeast will serve under the same leadership as GPM Investments. In addition, GPM Southeast retained employees of VPS' Southeast division, Chief Operating Officer Chris Giacobone told CSNews Online.
The Southeast division will be composed of 263 company-operated units, plus 33 dealer locations. Retail brands included in the deal are Scotchman, Young's, Li'l Cricket, Everyday Shop, Breadbox and Cigarette City. GPM Southeast foodservice is made up of 26 branded quick-service restaurant locations plus 46 proprietary delis.
GPM Investments, operator of the Fas Mart and Shore Stop convenience store chains, revealed that it had reached a deal to acquire the VPS convenience stores in June, as CSNews Online previously reported. Terms of the private transaction were not disclosed.
"We will continue to focus on growing this company though acquisitions. This acquisition is our largest purchase to date and our most exciting," said GPM Investments CEO Arie Kotler.
In addition, GPM Investments last week closed on its acquisition of five Get & Zip locations from Hurst Harvey Oil Inc. The stores are located in the Northern Neck and Middle Peninsula areas of Virginia.
With the closing of both deals, GPM Investments now has 615 convenience stores and operates in 10 states: Virginia, Connecticut, Delaware, Maryland, Pennsylvania, North Carolina, South Carolina, Rhode Island, New Jersey and Tennessee.