With closing of Texarkana chain, GPM now operates and supplies approximately 1,400 sites in 22 states.
A subsidiary of GPM Investments LLC, has taken ownership of 273 convenience stores in Texas, Oklahoma, Louisiana and Arkansas from E-Z Mart Stores Inc.
The growth into the Southwest portion of the country marks new territory for GPM’s existing portfolio.
A family-owned convenience store business, E-Z Mart stores have been operating for nearly half of a century. The E-Z Mart stores have now leapt from their former ranking as the 31st largest chain in the U.S., to being part of the 6th largest chain of convenience stores.
“We are very excited about the E-Z Mart Stores. Sonja Yates Hubbard and her employees have been dedicated to building a brand worthy of Jim Yates’ legacy. We plan to continue providing their customers with the same quality of service,” said Arie Kotler, CEO. Kotler went on to say, “Bringing the E-Z Mart family of associates into the GPM fold was very important to our leadership team. We look forward to our continued development as we grow together through acquisitions.”
Getty Realty Corp. funded the transaction through funds available under its revolving credit facility and expects the transaction to be immediately accretive to net earnings. Getty in turn acquired the fee interest of 30 convenience store and gas station properties from E-Z Mart for about $52 million.
Upon closing the acquisition, Getty leased the sites to a subsidiary of GPM Investments LLC as part of its deal for the 273-store E-Z Mart chain.
GPM reached an agreement to acquire the c-stores from E-Z Mart in late December of last year.
Jim Yates, founder and president of E-Z Mart launched its first store in 1970. After Yates died tragically in a plane crash in 1998, daughters Sonja Yates Hubbard, CEO, and Stacy Yates, chief financial officer, grew the family-owned chain until they time they opted to sell the business in 2017.