E-Z Mart Sells to GPM Investments
TEXARKANA, Texas — E-Z Mart Stores Inc. has reached an agreement to sell its 273 convenience stores to GPM Investments LLC.
The stores, located in Texas, Oklahoma, Louisiana and Arkansas, will expand GPM's footprint into the Southwest.
"We have enjoyed serving our existing customers and are thrilled to begin serving customers in these new states, as well," said GPM President and CEO Arie Kotler. "We look forward to our expansion as we make these locations a new part of the GPM family."
The acquisition is expected to close in the second quarter of 2018. The companies did not reveal the price tag.
"In 1970 E-Z Mart began as the dream of our founders, Jim and FaEllen Yates with the first store in Nashville, Ark. From those humble beginnings, and with a lot of hard work and dedication by generations of E-Z Mart associates, our company has become one of the leading, privately owned convenience store chains in the U.S.," said E-Z Mart's CEO Sonja Yates Hubbard.
"The significant investment in our store portfolio over the last decade has changed both our look and profitability while also advancing the quality of service we provide our customers. Endeavoring to escalate that rate of improvement and ensuring growth opportunities for our brand and team, we are excited that the combining of the E-Z Mart brand with GPM will exponentially accelerate that growth and preserve Jim Yates' legacy," she added.
According to Hubbard, upon closing E-Z Mart will move from the 31st largest chain in the United States to being a part of the sixth largest chain, "securing a bright future for our stores and team."
"The E-Z Mart store employees have long served customers with dedication and enthusiasm. We are eager to remain on the same path of service with passion and commitment," said Chris Giacobone, GPM chief operating officer.
"Bringing the E-Z Mart employees into the GPM family was very important to our leadership team and we look forward to our continued growth with these new stores," he added.
BofA Merrill Lynch acted as exclusive financial advisor and Chamberlain Hrdlicka acted as legal counsel to E-Z Mart in connection with the transaction. Raymond James acted as exclusive financial advisor to GPM in connection with the transaction.
Richmond, Va.-based GPM Investments operates or supplies fuel to more than 1,100 stores in Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, and Virginia.
E-Z Mart Stores, based in Texarkana, is a privately held, family-owned business established in 1970 that currently operates almost 300 convenience stores in Arkansas, Louisiana, Oklahoma and Texas, and employs more than 2,200 associates.