RICHMOND, Va., Dec. 18, 2019 /PRNewswire/ -- GPM has signed an agreement to acquire substantially all of the assets of Dallas, TX based Empire, creating a premier national fuel distributor and retailer. The transaction is expected to materially increase GPM's footprint with the combined entity distributing 2.5 billion gallons of fuel annually across 2,800+ sites in 33 states and Washington D.C. The transaction will expand GPM's operations into ten new states and add over 225 controlled locations including 77 retail operated sites.
"Adding 1,457 wholesale fuel locations is a transformational event for our company, bringing significant strategic benefits and accelerating our next phase of growth" said Arie Kotler, Chief Executive Officer of GPM. Kotler went on to say, "We welcome these dealers, along with Empire's corporate associates and the associates at the 77 retail stores to the GPM family and look forward to continuing the great service that has been provided by Empire."
Upon closing, GPM expects to operate its wholesale division out of Empire's Dallas, TX offices and will be transitioning Empire's team, including its leadership team, to GPM as part of the transaction.
"Empire has a reputation for providing superior quality and service to its dealers, making it a logical combination with GPM." said Empire Chief Executive Officer, Rick Golman. "With a history of successful execution, Empire will complement GPM's existing business and serve to fuel their growth moving forward."
Empire is a portfolio company of American Infrastructure Funds ("AIM"). Barclays and Wells Fargo are acting as co-financial advisors to Empire. The transaction is expected to close in the first half of 2020, subject to customary regulatory and other approvals.
About GPM Investments, LLC
GPM Investments, LLC, together with its subsidiaries, is the largest privately-owned company in the convenience store channel of business. The company, based in Richmond, VA, currently operates or supplies fuel to over 1,400 stores in Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia and Wisconsin. Its stores offer a large selection of beverages, coffee, fountain drinks, candy, salty snacks and many other products to meet the needs of the everyday customer. One feature, setting many of its convenience stores apart is a wide array of proprietary food offerings ranging from fresh chicken, fresh-made salads and sandwiches to healthy, grab-and-go meals.
Visit www.gpminvestments.com to learn more about GPM's stores.
About Empire Petroleum Partners LLC
Empire Petroleum is a leading motor fuels distributor of top brands including BP, Chevron, Citgo, Conoco, Exxon, Gulf, Marathon, Mobil, Phillips 66, Shell, Sinclair, Sunoco, Texaco, and Valero. Headquartered in Dallas, TX, Empire distributes motor fuel products in the Mid-Atlantic, Southeastern, Southwestern and Midwestern states. For more information, visit www.empirepetroleum.com.
About American Infrastructure Funds
AIM is a leading private investment firm based in the San Francisco Bay Area. With approximately $3 billion in assets under management, AIM brings innovative investment capital to support the growth of real property, infrastructure and natural resource-related businesses. AIM's strategy is designed to provide unique advantages for the owners, management teams and businesses in which it invests, while creating attractive returns and tax-advantaged current income for investors. For more information, please visit www.aimlp.com.
Travis Booth
Empire Petroleum Partners, LLC
[email protected]
SOURCE Empire Petroleum Partners, LLC; GPM Investments, LLC
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