GPM to Expand Into 10 New States by Acquiring Empire Petroleum Partners

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GPM to Expand Into 10 New States by Acquiring Empire Petroleum Partners

12/18/2019

RICHMOND, Va. — GPM Investments LLC is growing its presence to 33 states.

The expansion comes as the Richmond-based company agrees to acquire substantially all of the assets of Dallas-based Empire Petroleum Partners LLC, creating a premier national fuel distributor and retailer.

The transaction will expand GPM's operations into 10 new states and add more than 225 controlled locations, including 77 retail-operated sites. The combined entity will distribute 2.5 billion gallons of fuel annually across more than 2,800 sites in 33 states and Washington, D.C.

"Adding 1,457 wholesale fuel locations is a transformational event for our company, bringing significant strategic benefits and accelerating our next phase of growth," said Arie Kotler, CEO of GPM. "We welcome these dealers, along with Empire's corporate associates and the associates at the 77 retail stores to the GPM family and look forward to continuing the great service that has been provided by Empire." 

Upon closing, GPM expects to operate its wholesale division out of Empire's Dallas offices and will transition Empire's team, including its leadership team, to GPM. 

"Empire has a reputation for providing superior quality and service to its dealers, making it a logical combination with GPM," said Empire CEO Rick Golman. "With a history of successful execution, Empire will complement GPM's existing business and serve to fuel their growth moving forward." 

The transaction is expected to close in the first half of 2020, subject to customary regulatory and other approvals. Empire is a portfolio company of American Infrastructure Funds. Barclays and Wells Fargo are acting as co-financial advisors to Empire.

The Empire deal is GPM's latest acquisition. Most recently, the company officially took ownership of the Riiser convenience store chain — a 63-store transaction it announced in late September, as Convenience Store News previously reported.

GPM Investments, together with its subsidiaries, is the largest privately owned company in the convenience store channel of business. The company operates or supplies fuel to more than 1,400 stores in Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia and Wisconsin.

Empire Petroleum is a leading motor fuels distributor of top brands including BP, Chevron, CITGO, Conoco, Exxon, Gulf, Marathon, Mobil, Phillips 66, Shell, Sinclair, Sunoco, Texaco, and Valero.  It distributes motor fuel products in the Mid-Atlantic, Southeastern, Southwestern and Midwestern states.