Business
ARKO Corp. Closes 24th Acquisition Since 2013, Expands its Retail and Fleet Fueling Segments with Purchase of Uncle’s Convenience Stores and GASCARD from WTG Fuels
Acquisition grows ARKO’s Southwestern footprint in key Texas and New Mexico markets, increasing store count and significantly expanding the Company’s fleet
About this update from Arko Corp.
[{"type":"text","content":"Acquisition grows ARKO’s Southwestern footprint in key Texas and New Mexico markets, increasing store count and significantly expanding the Company’s fleet fueling operations.\nRICHMOND, Va., June 07, 2023 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) (“ARKO” or the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, announced today that ARKO has completed its previously announced acquisition (the “WTG Acquisition”) of the retail and fleet fueling assets (the “WTG Business”) of WTG Fuels Holdings, LLC (“WTG”), the owner of Uncle’s Convenience Stores and GASCARD fleet fueling operations. This transaction marks the 24th acquisition for ARKO since 2013, and the second completed acquisition in the first six months of 2023. “The WTG Acquisition fits squarely in our long-term growth strategy and our commitment to create value for our stockholders,” said Arie Kotler, Chairman, President, and Chief Executive Officer of ARKO. “We believe we will add significant value to the WTG Business by leveraging our excellent integration capabilities, and we believe that the WTG Business will benefit considerably from our merchandizing and marketing initiatives. We expect that the WTG Business’ robust diesel business will advance our fuel strategy to maximize fuel gross profit dollars. We believe that Uncle’s and GASCARD are well-positioned to benefit from the scale and expertise at the heart of ARKO’s operations, and we welcome them to our Family of Community Brands.” Founded in 1976, WTG is a leading Texas convenience store operator, with 24 company-operated Uncle’s Convenience Stores across western Texas. This acquisition enhances ARKO’s footprint in attractive markets and will bring the fas REWARDS® loyalty program and favorable assortment to a broader group of consumers. Uncle’s stores are popular West Texas destinations that anchor their markets with convenient grocery, beer, and fresh food options. The WTG Business is known for its high-quality food, including Uncle’s branded fresh food, Hunt Brothers® Pizza and Champs Chicken. Certain stores also have walk-in beer caves, and Uncle’s has historically had very strong diesel sales, which accounts for over 33% of its overall fuel volume. As part of the transaction, the Company has also acquired 68 proprietary GASCARD-branded fleet fueling ca...