GPM Investments Gets New Minority Owner

RICHMOND, Va. — GPM Investments LLC received an investment boost as Harvest Partners SCF LP (HP SCF) completed its acquisition of $62.5-million minority ownership position in the locally based convenience store retailer.

The investment provided liquidity to existing owners. Terms of the transaction were not disclosed. New York-based HP SCF is the non-control private equity strategy of Harvest Partners LP.

GPM operates or supplies fuel to more than 1,000 stores located throughout 18 states. It's portfolio spans the Midwest, Southeast, Mid-Atlantic and Northeast. The company, led by President and CEO Arie Kotler, employs more than 7,500 people.

GPM's banners include Fas Mart, Shore Stop, Scotchman, Breadbox, Young's, Li'l Cricket, Village Pantry, Apple Market, Jiffi Stop, Next Door Store and Admiral.

"We are thrilled to announce this proprietary investment in GPM," said Jay Hegenbart, senior managing director and portfolio manager for HP SCF. "Arie has built an impressive business, and we are proud to add GPM to our portfolio of growing, founder-controlled companies."

Hegenbart and Sean Murphy, managing director at HP SCF, have joined GPM's board of managers. Jerry Chan of HP SCF also worked on the investment. 

"We welcome HP SCF as an investment partner, and believe they will be a value-added resource," Kotler said. "We are excited to work together with the HP SCF team to find and assess acquisition opportunities."   

Murphy added that the strength of GMP's platform provides it with "significant prospects for further growth."

Raymond James acted as a financial advisor to GPM.  Latham & Watkins LLP served as legal counsel to HP SCF.