Business
ARKO Corp. Announces Agreement to Acquire Pride Convenience Holdings, LLC, a leading regional convenience store operator
ARKO continues to execute its growth strategy, entering into an agreement for the acquisition of 31 convenience stores with a strong brand built through
About this update from Arko Corp.
[{"type":"text","content":"ARKO continues to execute its growth strategy, entering into an agreement for the acquisition of 31 convenience stores with a strong brand built through approximately 50 years of operations; acquisition would expand ARKO’s footprint into Massachusetts\nRICHMOND, Va., Oct. 24, 2022 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) (“ARKO,” the “Company,” “we,” “our,” or “us”), a Fortune 500 company and one of the largest U.S. convenience store operators in the United States, announced today that GPM Investments, LLC (“GPM”) a wholly owned subsidiary of ARKO, has agreed to acquire Pride Convenience Holdings, LLC (“Pride”), which operates 31 convenience stores in highly desirable locations. This acquisition would expand ARKO’s convenience store footprint into Massachusetts, making it the 34th state in which the Company will operate. Pride is a leading convenience store operator in the Northeast with many large format stores, including two high-volume Travel Centers for long-haul truckers and two modern City Stop locations that cater to short-haul truckers. Additionally, Pride operates a centralized kitchen that provides fresh baked goods and food daily to all Pride stores. “Our agreement to acquire Pride highlights ARKO’s continued focus on creating long-term shareholder value by growing our core convenience store business,” said Arie Kotler, ARKO’s chairman, president and CEO. “We believe Pride stores are top-tier assets, with a focus on excellent customer service and a quality loyalty program, and we further believe that we can add value to these assets through our operational and merchandising abilities and scale. We look forward to welcoming Pride’s employees to our Family of Community Brands and working together to enhance the business.” Pride stores are differentiated by their well-known fresh food selection supported by its corporate kitchen and bakery, which provides high-quality bakery items, sandwiches, and other items to in-store Pride Kitchens and as grab-and-go options made fresh daily. Additionally, Pride stores include other well-known offerings, including Subway and Chester’s Chicken franchises, along with seven high volume beer and wine operations. Drive-through service at some stores and utilization of popular delivery options such as Door Dash, Uber and Grub Hub underscore the quality and appeal of these foodservice ...