GPM Investments has agreed to acquire 61 convenience stores with gas stations in Michigan and Ohio operating under the Saginaw, Mich.-based ExpressStop banner. This acquisition will complement GPM’s existing 165 stores in Michigan and nine stores in Ohio. GPM is a wholly owned subsidiary of ARKO Corp.
“Our model of growing through acquisition while keeping the local banners in place has delivered significant value for all of ARKO’s stakeholders,” said ARKO Chairman, President and CEO Arie Kotler. “Michigan and Ohio are important geographies for us, and we believe that ExpressStop is a highly regarded brand there. We look forward to welcoming those associates to the GPM family while providing ExpressStop customers with the same great quality products and services they’re used to.”
The acquisition will expand upon GPM’s existing network of 1,350 company-operated stores. The closing of the transaction is subject to fulfillment of customary closing conditions precedent, including obtaining all required permits and licenses. The deal is expected to close during the first half of this year.
Richmond, Va.-based GPM was founded in 2003 with 169 stores and has grown through acquisitions to become the seventh largest convenience store chain in the United States, with approximately 2,950 locations comprised of approximately 1,350 company-operated stores and approximately 1,600 dealer sites to which it supplies fuel in 33 states and Washington D.C.