Henrico County-based GPM Investments LLC, the parent company of Fas Mart convenience stores and hundreds of others across the country, has acquired a chain in North Carolina.
GPM Investments, a subsidiary of Henrico-based Arko Corp., said it bought the 36-store Handy Mart chain and one development parcel from E.J. Pope & Son Inc. for $112 million, plus the value of inventory and cash in the stores on the closing date.
The acquisition, announced Wednesday, adds to GPM’s existing retail store network in North Carolina.
The deal was made in conjunction with Chicago-based Oak Street Real Estate Capital LLC. The two companies agreed in May for Oak Street to buy and lease back to GPM real estate property associated with acquisitions of convenience stores and fueling stations that GPM makes in the next year.
In buying the Handy Mart chain, GPM paid $12 million for its share of the consideration with Oak Street paying $100 million. GPM will pay about $6 million annually to rent these sites from Oak Street.
“Handy Mart is a strong regional brand with great people and a robust culture that will make a fantastic addition to our family of community brands,” said Arie Kotler, chairman, president and CEO of Arko. “We pride ourselves on the ability to unify and maintain the banners of strong regional community brands under our leadership and resources.”
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