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RICHMOND, Va. — GPM Investments LLC is continuing its role as a key mergers and acquisitions player in the convenience channel. The retailer announced Tuesday that it is boosting its Midwest portfolio with the purchase of 21 locations.
Richmond-based GPM signed an agreement to acquire the 21 convenience stores in Illinois, Iowa and Nebraska from Gas-Mart USA Inc. and its affiliates.
The deal is expected to close in the first quarter of 2016 and GPM anticipates extending an offer to the existing employees of the acquired stores to join the company.
"We are thrilled to continue our path of expansion and we view the acquisition of these stores as a very important part of our growth plan," said GPM President and CEO Arie Kotler. "We have enjoyed serving our loyal customers in Illinois and Iowa, and we look forward to making these locations a new part of the GPM family, in addition to adding a store in Nebraska, near the Iowa border."
Not counting this pending acquisition, GPM Investments currently operates or supplies more than 750 c-stores in Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee and Virginia.
Overland Park, Kan.-based Gas-Mart USA filed for Chapter 11 voluntary bankruptcy protection a little more than six months ago, listing debts of almost $14 million, as CSNews Online previously reported.
In addition to GPM, TravelCenters of America LLC has purchased several Gas-Mart c-stores. TravelCenters is adding the locations to its Minit Mart convenience store banner.