GPM Investments Bids for Half of EZ Energy USA

RICHMOND, Va. -- GPM Investments LLC, operator of the Fas Mart and Shore Stop convenience store chains, has offered to purchase a 50-percent stake in EZ Energy Ltd.'s U.S. unit, Bloomberg reported.

GPM offered $15 million, according to EZ Energy, which is based out of Ramat Gan, Israel.

Bill Reilly, senior vice president of marketing for GPM, confirmed the offer to CSNews Online, but said he could not offer any additional details due to a confidentiality agreement.

EZ Energy's President Gregg Budoi told CSNews Online that its board in Israel is currently reviewing GPM's offer.

Shares of EZ Energy rose 19 percent in the wake of the announcement, the most since Aug. 4, 2011, according to the Bloomberg report. EZ Energy owns and operates 69 Easytrip convenience stores, along with another 22 dealer-owned/operated locations, in northern Ohio and western Pennsylvania.

GPM Investments operates more than 213 c-stores and supplies 115-plus independent dealers in Virginia, Maryland, Delaware, Connecticut, North Carolina, Pennsylvania, New Jersey and Tennessee. As CSNews Onlinepreviously reported, GPM Investments in November entered into a $35-million credit facility with PNC Bank N.A. that matures in November 2016, and closed on a $50-million recapitalization in August that includes $15 million of new equity infusion. Company leaders said the financing would allow the retailer to invest in acquisitions and new capital improvement projects, including opening new stores and improving existing locations.

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