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02/23/2022

Arko Announces Acquisition to Bolster Its Wholesale Fuel Platform

Purchase of Quarles Petroleum assets is expected to add approximately 200 million gallons in annual fuel sales.
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Arko Family of Community Brands logo and GPM logo

RICHMOND, Va. — Arko Corp. subsidiary GPM Investments LLC will acquire the fueling cardlock and fuel distribution business of Quarles Petroleum Inc., based in Fredericksburg, Va. Assets include 121 branded and 64 contracted cardlock sites, which are strategically located, unmanned fuel sites located on high-traffic corridors in the Mid-Atlantic at which customers can purchase fuel using fleet cards.

Quarles is the largest fleet fueling cardlock operator on the East Coast and services a diverse base of commercial customers across multiple industries, meeting their fueling needs at easily accessible commercial sites, according to the company. It has operations in Virginia, North Carolina, Maryland, Pennsylvania and Washington, D.C.

"We believe that this high-volume, 24/7/365 business in prime locations cannot be replicated today, and will drive strategic growth," said Arie Kotler, Arko president and CEO. "The acquisition of these assets complements and expands our core wholesale strategy, adding a mature fleet fueling platform and boosting our supply and distribution capabilities within our 33 states and Washington, D.C., fuel supply footprint."

The deal is part of Arko's strategic focus on growth and generating long-term value through its dual convenience and wholesale platform. The company expects the acquisition to add approximately 200 million gallons to the approximately 2 billion gallons of fuel that Arko sells annually.

"Quarles has focused on building a commercial fleet fueling business with expanded site access, superior quality fuels and fleet card features that provide fleet operators with a comprehensive fueling solution," said Paul Giambra, president and CEO of Quarles Petroleum. "Quarles and Arko share a commitment to excellent service and providing the best possible solutions for our customers."

The transaction is expected to close during the second quarter of 2022.

Richmond-based GPM Investments is a wholly-owned subsidiary of Arko Corp. and operates or supplies stores in 33 states and Washington, D.C. As the sixth largest convenience store chain in the country, GPM has approximately 3,100 locations comprised of approximately 1,415 company-operated stores and 1,675 dealer sites to which it supplies fuel.