GPM Investments to acquire 61 ExpressStop Stores
It marks first acquisition since ARKO completed its transaction to trade on NASDAQ in December 2020.
GPM Investments signed an agreement to acquire 61 convenience stores with gas stations in Michigan and Ohio operating under the ExpressStop banner. This acquisition will complement GPM’s existing 165 stores in Michigan and nine stores in Ohio.
“Our model of growing through acquisition while keeping the local banners in place has delivered significant value for all of ARKO’s stakeholders,” said Arie Kotler, Chairman, President and Chief Executive Officer of ARKO.
“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,” added Kotler.
This 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.
Based in Richmond, Virginia, GPM was founded in 2003 with 169 stores and has grown through acquisitions to become the 7th largest convenience store chain in the United States
