GPM Acquires 67 Apple Market Stores From Fuel USA
RICHMOND, Va. — GPM Investments LLC continues to boost its regional presence in the Southeast with the acquisition of nearly 70 Apple Market locations in Virginia and Kentucky.
The Richmond-based company signed an agreement to acquire 42 convenience stores with gasoline and approximately 25 dealer-operated stores from Fuel USA LLC.
GPM anticipates extending an offer to employees of the acquired stores to join the GPM family.
"We are thrilled to continue our path of expansion and we view this store acquisition as a very important part of our growth plan," said GPM President and CEO Arie Kotler. "We have enjoyed serving our loyal customers in Virginia and Kentucky, and we look forward to making these locations a new part of the GPM family."
The acquisition is expected to close in the first quarter of 2016.
Fuel USA acquired the c-stores from Workman Oil Co. in its first move into the convenience channel in July, as CSNews Online previously reported.
"Fuel USA is pleased to have its Apple Market stores and dealer operations join a quality operator like GPM. This step allows us to accelerate our plan by several years to become part a larger organization," Fuel USA CEO Don Draughon said. "We believe this is a very positive step for our customers, employees and shareholders."
GPM Investments, together with its subsidiaries, operates 665 company-op stores, as well as more than 100 dealer locations. The company operates or supplies stores in Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee and Virginia.