Geffen reportedly said that a merger of the two companies' businesses could lead to annual savings of $8 million to $10 million.
Through EZ Energy USA Inc., Mansfield, Ohio, Ramat Gan, Israel-based EZ Energy operates 97 gas stations in Pennsylvania, Ohio and Georgia.
Tel Aviv-based Petro Group's main asset, Mechanicsville, Va.-based GPM Investments Inc., operates 214 Fas Mart, Shore Stop and Double Kwik locations in the eastern United States, including in Virginia, Delaware, Maryland, New Jersey, Pennsylvania, North Carolina, Tennessee, Connecticut and Rohde Island. The company owns 25 of the sites and leases 189 on long-term leases. It also sublets 31 sites to third-party operators to which it sells fuel.
GPM has been the target of acquisition before. In March, a deal by investment firm Metis Capital Ltd. for Australian gas station operator United Petroleum Pty Ltd. to acquire GPM fell through. (Click here for previous CSP Daily News coverage of GPM. Andclick here for previous coverage of EZ Energy).
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.