Richmond convenience store operator to acquire 61 locations in Mich., Ohio
GPM Investments to buy ExpressStop stores
Richmond-based convenience stores owner and operator GPM Investments LLC announced Monday it has signed an agreement to acquire 61 ExpressStop convenience stores with gas stations in Michigan and Ohio.
Financial terms of the transaction were not disclosed. The acquisition will add to GPM’s existing 165 stores in Michigan and nine in Ohio. GPM Investments is a wholly owned subsidiary of Richmond-based holding company Arko Corp.
“Our model of growing through acquisition while keeping the local banners in place has delivered significant value for all of ARKO’s stakeholders,” Arko Chairman, President and CEO Arie Kotler said in a statement. “Michigan and Ohio are important geographies for us, and we believe that ExpressStop is a highly regarded brand there.”
In total, GPM operates 1,350 stores. The transaction is expected to close during the first half of 2021. Fifth Third Securities served as financial adviser to ExpressStop.