Acquisition makes GPM the sixth largest c-store chain in the nation.
GPM Investments LLC has signed an agreement to acquire 273 convenience stores in Texas, Oklahoma, Louisiana and Arkansas from E-Z Mart Stores Inc.
E-Z Mart’s CEO, Sonja Yates Hubbard told CSD the divestment was a hard decision, but one that was made with the best interest of her family and the company in mind. “What amazing people and relationships I’ve been blessed to have made.”
This acquisition will allow GPM to expand its existing portfolio of stores into the Southwest. The acquisition is expected to close in the second quarter of 2018.
“We have enjoyed serving our existing customers and are thrilled to begin serving customers in these new states, as well,” said GPM President and CEO Arie Kotler. “We look forward to our expansion as we make these locations a new part of the GPM family.”
“In 1970 E-Z Mart began as the dream of our founders, Jim and FaEllen Yates with the first store in Nashville, Ark. From those humble beginnings, and with a lot of hard work and dedication by generations of E-Z Mart associates, our company has become one of the leading, privately-owned convenience store chains in the U.S.,” said Hubbard. “The significant investment in our store portfolio over the last decade has changed both our look and profitability while also advancing the quality of service we provide our customers. Endeavoring to escalate that rate of improvement and ensuring growth opportunities for our brand and team, we are excited that the combining of the E-Z Mart brand with GPM will exponentially accelerate that growth and preserve Jim Yates’ legacy. Upon closing, E-Z Mart will leap from the 31st largest chain in the U.S., to being a part of the sixth largest chain, securing a bright future for our stores and team. ”
“The E-Z Mart store employees have long served customers with dedication and enthusiasm. We are eager to remain on the same path of service with passion and commitment,” said Chris Giacobone, GPM chief operating officer. Giacobone went on to say, “Bringing the E-Z Mart employees into the GPM family was very important to our leadership team and we look forward to our continued growth with these new stores.”
BofA Merrill Lynch acted as exclusive financial advisor and Chamberlain Hrdlicka acted as legal counsel to E-Z Mart in connection with the transaction. Raymond James acted as exclusive financial advisor to GPM in connection with the transaction.