RICHMOND, Va. — GPM Investments LLC continues to boost its Midwest presence, adding 17 convenience store and gas stations in central Illinois and Missouri.
The company expanded its footprint with the closing of the acquisition of c-store/gas station locations and one stand-alone car wash from Jiffi Stop Stores. GPM will continue to operate these stores under the current Jiffi Stop brand name. In addition, the company has retained store employees at the acquired locations.
"These stores have served customers with dedication and enthusiasm. We are eager to continue on the same path of service with passion and commitment," said Don Muscatell, senior vice president of operations. "Bringing these employees into the GPM family was very important to our leadership team and we look forward to growing with these new stores."
The Pittsfield, Ill.-based Jiffi Stop chain was founded by Keith Smith in 1952 when he and his father Clem, owner of Smith Oil Co., formed C.H. Smith and Son Inc. Smith, along with is son David Smith and son-in-law John Schoenherr, began opening Jiffi Stops and car washes in 1983.
David Smith and Schoenherr, responsible for growing the chain to its current state, are now exiting the business.
"The people make the business and we are proud of the loyal team that has built the Jiffi Stop brand into one that is well respected in the communities we serve," David Smith said.
Schoenherr added, "We thank both them and our customers."
Chicago-based Downstream Energy Partners LLC provided exclusive merger-and-acquisition advisory services to Jiffi Stop.
"David and John have built an exceptional company," said George Wedemeyer, managing partner of Downstream Energy Partners. "We enjoyed working with GPM, which has acquired a quality chain of stores in a location strategic to their growing Midwest footprint."
Along with its subsidiaries, Richmond-based GPM Investments is one of the largest privately owned companies in the convenience channel. With the latest deal GPM's portfolio consists of 850 stores.