Richmond-based GPM Investments closes on ExpressStop purchase
Acquisition makes company the sixth-largest convenience store chain
Richmond-based GPM Investments LLC became the nation’s sixth-largest convenience store chain Wednesday, after closing on its acquisition of the ExpressStop chain, including 60 gas station convenience stores in Michigan and Ohio.
Financial terms were not disclosed. The acquisition, which was announced in March, adds to GPM’s existing 165 stores in Michigan and nine in Ohio. GPM now has approximately 3,000 locations and 1,400 operated by the company. The ExpressStop acquisition bumped up GPM from its previous ranking as the seventh-largest store convenience store operator and owner in the U.S.
GPM is a wholly owned subsidiary of Richmond-based holding company Arko Corp. Its brands include Fas Mart and E-Z Mart.
“We are excited to complete this transaction and welcome ExpressStop to the GPM family of community brands,” Arko Chairman, President and CEO Arie Kotler said in a statement. “As our 19th acquisition since 2013, ExpressStop is the latest example of our continued commitment to aggressive growth through the acquisition of strong regional community brands.”
Earlier this month, GPM announced it has entered into a one-year agreement with Chicago-based Oak Street Real Estate Capital, which is committing up to $1 billion to purchase and lease to GPM real estate parcels associated with GPM’s acquisitions of convenience store chains and fueling stations.