RICHMOND, Va., Aug. 22, 2011 /PRNewswire/ -- GPM Investments, LLC (the "Company"), which operates 212 convenience stores under the Fas Mart and Shore Stop brand names, announced today that it closed a $50 million credit facility which includes $15 million of new equity infusion. This entire transaction had the effect of increasing shareholders' equity by approximately $25 million.
The new financing will improve cash flows and allow the Company to remain focused on improving operational efficiencies, growing the business, and continuing to serve Fas Mart and Shore Stop customers. The new financing should allow the Company to invest in new capital improvement projects which will enhance the overall operations of the business and offer its customers a significantly improved shopping experience.
Fas Mart and Shore Stop have demonstrated tremendous growth over the last decade, stretching from the Blue Ridge Mountains to the New England states. The Company's plans include continuing this growth pattern into the next decade. The new financing and equity infusion is an important step forward.
GPM Investments, LLC, together with its subsidiaries, operates a chain of 212 convenience stores under the Fas Mart and Shore Stop brand names and distributes petroleum to independent convenience stores and gasoline stations ("Dealers"). The Company stores are located in nine Mid-Atlantic states, including VA, MD, DE, CT, NJ, PA, TN, RI and NC. The Company also sells prepared foods at many of its locations through its 70 Cafe sites, 12 Subway units and 1 Taco Bell unit. Through its petroleum wholesaling business, the Company delivers petroleum to 118 independent Dealers. The Company is headquartered in Richmond, VA, employs approximately 2,000 employees and serves customers through 330 stores. For more information about Fas Mart, visit www.Fasmart.com.
For more information, please contact:
Mark Roberts, President and COO
SOURCE GPM Investments, LLC