GPM Investments LLC has signed an agreement to acquire Mountain Empire Oil Co. Inc., operating as Roadrunner Markets, including all 92 convenience stores with fuel sales and seven quick-service restaurants (QSRs) located in North Carolina, South Carolina, Tennessee and Virginia.
This acquisition will further develop GPM’s existing portfolio of stores in the Southeast. The acquisition is expected to close early in the second quarter of 2017.
Roadrunner’s company mission is “to delight the customer in a way that makes them come back tomorrow.” GPM embraces this philosophy and plans to continue to enhance the customer experience at all of its locations.
“We regard acquisitions as a cornerstone to GPM’s expansion and, given its proximity to our existing store base, we view the Roadrunner Markets acquisition as an integral component of our growth strategy,” said GPM President and CEO, Arie Kotler. “We have enjoyed serving our loyal customers in the Southeast, and look forward to integrating these locations into the GPM family.”
“Our decision to work with GPM is consistent with the principles that have guided my father and serves as the foundation of his legacy, those that prioritize Mountain Empire’s customers and employees above all else. I am confident that both will be in good hands under GPM’s ownership,” said Roadrunner President and CEO, Ryan Broyles.
SunTrust Robinson Humphrey Inc. served as financial advisor to Roadrunner Markets in the transaction.
GPM Investments, LLC, together with its subsidiaries, is the largest privately-owned company in the convenience store channel. With the addition of the Roadrunner stores, GPM will widen its reach more than 1,100 stores. The company, based in Richmond, Va., operates or supplies fuel to 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.
The company’s stores offer specialty coffee and cappuccino, innovative beverage programs, a large selection of grocery items, such as fresh fruit, an exclusive E-vapors line, and many other products to suit the needs of every customer. One feature, setting many of its convenience stores apart, is the wide array of proprietary, food offerings ranging from fresh-made salads and sandwiches to healthy, grab-and-go meals.