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RICHMOND, Va. — GPM Investments LLC continues to put its mark across the Midwest, this time adding seven convenience stores from Jiffy Stop Food Mart.
The sale marks the industry exit of Jiffy Stop's president, Wayne Compton. The 30-year convenience channel veteran said he will miss the excitement and challenges of the convenience store industry but he felt the time was right to let the "big operators get bigger," and for him and his daughter Cecily to focus on other projects.
Jiffy Stop Food Mart is based in Lake of the Ozarks, Mo.
This acquisition boosts GPM's existing portfolio in the Midwest region, which included the purchase of 20 Jiffi Stop convenience stores in central Illinois and Missouri from Smith Oil Co. this past September, as CSNews Online previously reported.
"We are very excited about these seven Jiffy Stop Food Marts. We plan to continue serving their customers with the same dedication and enthusiasm," said GPM CEO Arie Kotler. "Bringing these employees into the GPM family was very important to our leadership team and we look forward to our continued development as we grow through acquisitions."
American Business Brokers & Advisors and W.J.F. Services provided merger and acquisition advisory services to Jiffy Stop Food Marts, said Terry Monroe, president of American Business Brokers & Advisors.
Based in Richmond, GPM Investments operates or supplies fuel to more than 1,100 c-stores in Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee and Virginia.