GPM Southeast Makes a Deal With Arey Oil
WILMINGTON, N.C. — GPM Southeast LLC reached a deal with Arey Oil Co. to acquire eight convenience stores with gas.
The One Stop Food Stores are located in North Carolina and South Carolina. GPM plans to operate the new sites under its Scotchman banner, which currently serves markets in the two states.
GPM anticipates extending an offer to existing operations employees of the acquired stores to join the company. The acquisition is expected to close in the first quarter of 2015.
"After 34 successful years in the convenience store business, we are excited that GPM has committed to carry on our success by making these eight One Stop Food Stores an important part of its growth plan," said Robert Arey, CEO of Arey Cos., parent company of One Stop Food Stores. "GPM is a good company with the capital and the desire to successfully grow throughout the southeast. We are very comfortable in the opportunities and future success GPM can offer our employees."
Wilmington-based GPM Southeast is a wholly owned subsidiary of Richmond, Va.-based GPM Investments LLC.
"We are very excited to add another store acquisition in our next quarter of business," said GPM President and CEO Arie Kotler. "We have enjoyed serving our loyal customers in North and South Carolina, and we look forward to making these eight locations a new part of the GPM family."
The Ayer Oil agreement is just the latest deal in GPM's cap. Two weeks ago, the company reached an agreement with Road Ranger LLC to acquire 43 convenience stores — signaling GPM's move into the Midwest market, as CSNews Online previously reported.
GPM Investments is one of the largest privately owned companies in the convenience store channel, currently operating 463 retail stores as well as 115 dealer locations. Upon completion of the One Stop Food Stores purchase, as well as a Road Ranger acquisition, GPM will widen its reach to 629 stores in a total of 11 states. GPM operates under several brand names including Fas Mart, Shore Stop, Scotchman Stores, Young's, Li'l Cricket and BreadBox.