GPM Investments

GPM Investments LLC (GPM)
Industry Convenience store
Founded 2003 (2003)
Headquarters Richmond, Virginia
Number of locations
 1,100 (2017)
Area served
 Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee and Virginia
Products Grocery, Gasoline
Brands Fas Mart, Shore Stop, Scotchman, BreadBox, Young's, Li'L Cricket, Next Door, Village Pantry, Apple Market, Jiffi Stop, Admiral, Roadrunner Markets & Cigarette City
Owner GPM Investments
Website http://www.gpminvestments.com/

GPM Investments LLC (GPM) is a convenience store owner and operator based in Richmond, Virginia. Founded in 2003, it originally operated the Fas Mart and Shore Stop brands of convenience stores, and decided to expand.

History

Its first major purchase was in 2013 with the purchase of the southeast division of convenience stores of VPS Convenience from Sun Capital Partners. This included 263 c-stores in North Carolina, South Carolina, Tennessee and Virginia under the brands Scotchman, Young’s, Li’l Cricket, Everyday Shop, Breadbox and Cigarette City.[1][2]

Also in 2013, GPM purchased five convenience stores from Hurst Harvey Oil under the GET and ZIP brands, all in northern Virginia,[3]

In 2015, GPM purchased the remainder of VPS Convenience with the purchase of VPS Midwest, which included the 116 chain Village Pantry and Next Door brands of convenience stores. These are located in Indiana, Ohio, Michigan and Illinois.[4] They also purchased eight One Stop Stores in North and South Carolina Arey Oil, and rebranded them to Scotchman.

Forty-two Roadrunner Market c-stores were purchased in March 2015 in Illinois, Iowa and Kentucky, adding a new brand to the portfolio,[5] bringing the number of convenience stores to about 750.

2016 was a busy year for acquisitions, with Apple Market's 76 stores were acquired in 2016 in Virginia and Kentucky from Fuel USA.[6] Another 15 c-stores were acquired from Gas-Mart USA, also in 2016.[7] Jiffi Stop was added to the company with its 17 stores in Illinois and Missouri,[8] and the 170 store chain Admiral and Admiral Discount Tobacco stores in November from Admiral Petroleum Company.[9]

The remaining 92 Roadrunner Market stores in Virginia, North Carolina, South Carolina and Tennessee were purchased in 2017 with the acquisition of Mountain Empire Oil Co. Inc., bringing the number of stores to 1,100.[10]

Harvest Partners

In 2017, a $62.5 million minority investment in GPM was sold to Harvest Partners, a private equity firm, to add liquidity to the company for more acquisitions.[11]

Notes and references

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.