In March 2023, Arko Corp., the parent company of GPM Investments LLC, completed its 23rd acquisition since 2013.
The Richmond, Virginia-based company acquired the assets of Transit Energy Group, which operates 135 c-stores in the southeastern United States, for $370 million plus the value of inventory. The deal brings Arko’s retail store base to two new states—Alabama and Mississippi. TEG was one of the largest privately held portfolios in the Southeast, with banners including Corner Mart, Dixie Mart, Flash Market, Market Express and Rose Mart. The retail segment included stores in South Carolina, North Carolina, Tennessee, Mississippi, Missouri, Louisiana, Alabama and Arkansas.
Arko financed $90 million from its own sources. Oak Street, a Division of Blue Owl Capital, funded the remaining $258 million as part of the existing $1.15 billion agreement by which Oak Street acquired most of the real estate assets of TEG. Arko leases these real estate assets from Oak Street.
In June, Arko also completed the acquisition of the retail assets of WTG Fuels Holdings LLC, Midland, Texas, the owner of 24 Uncle’s Convenience Stores, for $140.2 million plus the value of inventory at closing.