GPM Investments LLC (GPM) is a
convenience store owner and operator based in
Richmond, Virginia. Founded in 2003, it originally operated the Fas Mart and Shore Stop brands of convenience stores, and decided to expand.
History
Its first major purchase was in 2013 with the purchase of the southeast division of convenience stores of
VPS Convenience from
Sun Capital Partners
Sun Capital Partners, Inc., is an American private equity firm specializing in leveraged buyouts. Sun Capital was founded in 1995 by Marc J. Leder and Rodger Krouse, former classmates at the Wharton School of the University of Pennsylvania and ...
. This included 263 c-stores in North Carolina, South Carolina, Tennessee and Virginia under the brands Scotchman, Young’s, Li’l Cricket, Everyday Shop, Breadbox and Cigarette City.
Also in 2013, GPM purchased five convenience stores from Hurst Harvey Oil under the GET and ZIP brands, all in northern Virginia.
In 2015, GPM purchased the remainder of
VPS Convenience with the purchase of VPS Midwest, which included the 161 store chain of
Village Pantry and Next Door brands of convenience stores. These are located in Indiana, Ohio, Michigan and Illinois. They also purchased eight One Stop Stores in North and South Carolina Arey Oil, and rebranded them to Scotchman.
Forty-two Road Ranger c-stores were purchased in March 2015 in Illinois, Iowa and Kentucky, bringing the number of convenience stores to about 750. Locations were rebranded to the Fas Mart brand.
2016 was a busy year for acquisitions, with Apple Market's 76 stores were acquired in 2016 in Virginia and Kentucky from Fuel USA. Another 15 c-stores were acquired from Gas-Mart USA, also in 2016. Jiffi Stop was added to the company with its 17 stores in Illinois and Missouri, and the 170 store chain Admiral and Admiral Discount Tobacco stores in November from Admiral Petroleum Company.
The 92 Roadrunner Market stores in Virginia, North Carolina, South Carolina and Tennessee were purchased in 2017 with the acquisition of Mountain Empire Oil Co. Inc., bringing the number of stores to 1,100.
In 2018 GPM acquired 273 stores from E-Z Mart Inc., with this acquisition GPM brings Texas, Louisiana, Oklahoma and Arkansas into its fold and the store count to 1,300+.
On April 2, 2019, GPM announced that, through a subsidiary, they had acquired
Port St. Lucie, Florida
Port St. Lucie is a city in St. Lucie County, Florida, United States. It is the most populous municipality in the county with a population of 204,851 at the 2020 census. It is located southeast of Orlando and north of Miami. The Port St. Lu ...
based Town Star, adding 18 locations, and entering the Florida market.
On December 8 2022, GPM officially took over ownership of Pride Convenience Holdings LLC a 31 c-store chain based of
Springfield, MA
Springfield is a city in the Commonwealth of Massachusetts, United States, and the seat of Hampden County. Springfield sits on the eastern bank of the Connecticut River near its confluence with three rivers: the western Westfield River, the ...
, from ARKO Corp who previously purchased the chain earlier in the year.
Harvest Partners
In 2017, a $62.5 million minority investment in GPM was sold to
Harvest Partners
Harvest Partners is a private equity firm focused on leveraged buyout and growth capital investments in middle market industrial, business services, consumer and retail companies.
The firm, which was founded in 1981 by Harvey Mallement and Har ...
, a
private equity
In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a t ...
firm, to add liquidity to the company for more acquisitions.
Notes and references
External links
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{{Convenience stores
Convenience stores of the United States
Companies based in Richmond, Virginia
Retail companies established in 2003
2003 establishments in Virginia