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Sales of Fas Mart Parent Underway
Metis Capital is engaging in negotiations to sell to an investment firm part of its stake in Petro Group Ltd., the Israeli parent company of Fas Mart c-store operator GPM Investments.
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 Convenience Store News. He declined to provide the name of the investment firm.
While no official agreements were signed as of press time, McComas was hopeful it would be formalized in the near future. He noted a potential capital infusion would be beneficial, and that he is "excited" about the prospective deal.
GPM Investments operates 214 gas stations and convenience stores in the U.S. under the Fas Mart, Shore Stop and Double Kwik brands.
News of this agreement came 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 a cancellation of signed agreements earlier this year with an investors' group to sell Petro Group to Australian gas station operator United Petroleum pty Ltd.