Richmond-based GPM acquires Dallas fuel distributor
The convenience store owner and operator now serves 2,800 sites in 33 states.
Richmond-based convenience stores owner and operator GPM Investments LLC signed an agreement to acquire substantially all of the assets of Dallas, Texas-based Empire Petroleum Partners LLC, adding 1,457 wholesale fuel locations to its footprint, GPM announced Wednesday.
With the transaction in place, GPM is expected to distribute 2.5 billion gallons of fuel annually across 2,800 sites in 33 states, including Virginia, and Washington, D.C. The transaction adds 10 new states to the footprint and is expected to close during the first half of 2020.
Financial terms of the acquisition were not disclosed.
“Adding 1,457 wholesale fuel locations is a transformational event for our company, bringing significant strategic benefits and accelerating our next phase of growth” GPM CEO Arie Kotler said in a statement. “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.”
GPM is expected to operate its wholesale division out of Empire’s Dallas offices and will transition Empire’s team to GPM.
GPM and its subsidiaries operate or provide fuel for more than 2,800 convenience stores in 33 states. Founded in 2003, GPM began by operating the Fas Mart and Shore Stop convenience store chains.