GPM Southeast, LLC, a wholly-owned subsidiary of GPM Investments LLC, signed an agreement with Arey Oil Co. Inc., to acquire eight convenience stores with gasoline sales. The acquisition is expected to close in the first quarter of 2015.
This retail brand acquisition will add to GPM’s existing portfolio of convenience stores in the Southeast. GPM plans to operate these acquired stores, which are located in North Carolina and South Carolina, under their Scotchman retail brand, which is currently present in markets serving both of those states.
GPM anticipates extending an offer to the existing operations employees of the acquired stores to join the GPM family.
“After 34 successful years in the convenience store business, we are excited that GPM has committed to carry on our success by making these eight One Stop Food Stores an important part of their growth plan. GPM is a good company with the capital and the desire to successfully grow throughout the southeast. We are very comfortable in the opportunities and future success GPM can offer our employees,” said Robert Arey, CEO of Arey Co., parent company of One Stop Food Stores.
“We are very excited to add another store acquisition in our next quarter of business,” said GPM President and CEO Arie Kotler. “We have enjoyed serving our loyal customers in North and South Carolina, and we look forward to making these eight locations a new part of the GPM family.”
GPM Investments LLC is one of the largest privately-owned companies in the convenience store channel of business, currently operating 463 retail stores as well as 115 dealer locations. Upon completion of the One Stop Food Stores purchase, as well as a Road Ranger acquisition, which is currently in progress, GPM will widen their reach to 629 stores in a total of 11 states. GPM operates under highly recognizable brand names including Fas Mart, Shore Stop, Scotchman Stores, Young’s, Li’l Cricket and BreadBox.