GPM Completes Acquisition of Michigan's 1-Stop Food Stores
RICHMOND, Va. — GPM Investments LLC added 11 convenience stores in Michigan to its retail network.
A subsidiary of the Richmond-based company took ownership of 1-Stop Food Stores from DMJ Corp. The acquisition boosts GPM's existing Midwest portfolio.
The chain was founded in 1948 in Flint, Mich., by Don and Edna Pietras. It is a third-generation, family-owned gas and convenience store operator.
"Our core focus with this sale was to find a strategic buyer that would carry on the same high standards and values towards our customers and employees," said Don Pietras, III, president of DMJ Corp. "My brothers Todd, Jason and I have been proud to continue the fine work of our father, Don Pietras Jr., and his father. It has been a privilege for the entire family to serve and support our local communities and we'd like to thank our loyal team of employees in representing our company with honor."
In addition to the traditional c-store offerings, 1-Stop Stores are known for their proprietary loyalty program. In one year, 1-Stop customers earned more than $163,000 in free fuel and $100,000 in free drinks and merchandise with the 1-Stop "My Savings Card."
"We are very excited about acquiring the 1-Stop Stores. The Pietras family and their employees have served their customers with dedication and enthusiasm. We are eager to remain on the same path of service with passion and commitment," said Arie Kotler, CEO, GPM. "Bringing the 1-Stop family of associates into the GPM fold was very important to our leadership team. We look forward to our continued development as we grow together through acquisitions."
Downstream Energy Partners LLC, an investment bank specializing in merger-and acquisition (M&A) advisory services to middle market companies within the downstream energy sector, provided exclusive M&A services to DMJ Corp.
"GPM Investments has acquired a quality chain of stores in a location strategic to their growing national footprint," said George Wedemeyer, managing partner of Downstream Energy Partners. "The Pietras family has built an exceptional company and it's been a pleasure representing them in this transaction."
GPM Investments, together with its subsidiaries, operates approximately 1,400 c-stores in Arkansas, Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.