USA: GPM Investments to add 60 Midwestern c-stores

The company intends to acquire around 60 self-operated locations for consideration of approximately $100 million.

GPM Investments entered into a non-binding letter of intent for the acquisition of approximately 60 self-operated convenience stores in certain US midwestern states for consideration of approximately $100 million, plus the value of inventory and cash in stores.

The terms of the letter include the potential acquisition of four additional outlets that the sellers are currently negotiating to acquire, which would be acquired by GPM for additional consideration.

This new agreement represents a continuation of GPM’s strategy to expand and consolidate the fragmented c-store marketplace in the United States. GPM has not however disclosed more the details of the $100 million deal.

Based in Richmond, Vancouver, GPM started operating in 2003 with 169 stores and has grown through acquisitions to become the seventh-largest convenience store chain in the US. Following its Empire’s acquisition last October, GPM’s store network comprises 2,930 locations, including 1,350 company-operated stores and 1,580 dealer sites to which it supplies fuel, in 33 states and Washington D.C.