Business
ARKO Corp. Closes 22nd Acquisition, Expands into the Commonwealth of Massachusetts with Purchase of Pride Convenience Holdings, LLC, a Leading Regional Convenience Store Operator
ARKO closes 2nd Acquisition of 2022, adding 31 convenience stores with well-known regional brand and foodservice offering built through approximately 50 years
About this update from Arko Corp.
[{"type":"text","content":"ARKO closes 2nd Acquisition of 2022, adding 31 convenience stores with well-known regional brand and foodservice offering built through approximately 50 years of operations.\nRICHMOND, Va., Dec. 08, 2022 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) (“ARKO,” the “Company,” “we,” “our,” or “us”), a Fortune 500 company and one of the largest convenience store operators in the United States, announced today that GPM Investments, LLC (“GPM”) a wholly owned subsidiary of ARKO, has completed its previously announced acquisition of Pride Convenience Holdings, LLC (“Pride”), which operates 31 convenience stores, expanding ARKO’s convenience store footprint into Massachusetts, now the 34th state in which the Company operates. Pride is the Company’s 22nd acquisition since 2013. Pride is a leading convenience store operator in the Northeast with many large format stores, including two high-volume Travel Centers designed for long-haul truckers and two modern City Stop locations that cater to short-haul truckers, as well as a new to industry City Stop location that broke ground in July 2022. Pride is regionally well known for their fresh foodservice operations. “ARKO’s primary focus is creating long-term shareholder value by growing our core convenience store business,” said Arie Kotler, ARKO’s chairman, president and CEO. “We believe we can enhance the value of Pride’s stores and strong regional brand through our operational and merchandising abilities and scale. We welcome Pride’s employees to our Family of Community Brands and look forward to working together to enhance the business and provide value for customers.” Since 2013, ARKO’s systematic growth strategy has significantly increased the Company’s cash flow and Adjusted EBITDA by transforming the Company from approximately 200 stores in seven states into one of the largest convenience store operators in the United States, with approximately 1,400 company-operated convenience stores. “I believe ARKO is in a great position, with excellent liquidity and proven dealmaking ability, to continue our long-term growth strategy and grow our convenience store footprint through disciplined, accretive acquisitions at attractive multiples,” noted Kotler. Purchase Price Details The total purchase price for Pride was approximately $230 million plus the value of inventory. ARKO financed from its own ...