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Harvest Partners SCF buys minority interest in GPM Investments

Published 31 January 2017

Harvest Partners SCF has closed the acquisition of a $62.5m minority ownership position in US based convenience store company GPM Investments.

Terms of the transaction were not disclosed.

GPM, based in Richmond, VA, operates or supplies fuel to over 1,000 stores located throughout 18 states, making it the overall eighth largest convenience store chain in the country. The Company’s locations span the Midwest, Southeast, Mid-Atlantic, and Northeast United States.

In addition to quality fuel, GPM’s convenience stores offer a variety of food, beverage and grocery items. The company employs over 7,500 people.

HP SCF senior managing director and portfolio manager Jay Hegenbart said: “We are thrilled to announce this proprietary investment in GPM. Arie has built an impressive business, and we are proud to add GPM to our portfolio of growing, founder-controlled companies.”

Kotler said: “We welcome HP SCF as an investment partner, and believe they will be a value-added resource.

“We are excited to work together with the HP SCF team to find and assess acquisition opportunities, as we continue towards our goal of building the top convenience store franchise in the United States.”

HP SCF managing director Sean Murphy said: “Arie and his team have proven they are the leading consolidators in the convenience store sector.

“With the strength of GPM’s platform, we feel the Company has significant prospects for further growth.”

Jay Hegenbart and Sean Murphy have joined the Board of Managers of GPM. Jerry Chan of HP SCF also worked on the investment.

Raymond James acted as a financial advisor to GPM. Latham & Watkins served as legal counsel to HP SCF.

Source: Company Press Release