C-store operator GPM gets new investment

Private equity investor Harvest Partners SCF said Monday it had made an investment of $62.5 million for a minority interest in GPM Investments, the largest privately-owned convenience store operator in the U.S.

The companies said the investment provides liquidity to existing owners of GPM, which operates or supplies fuel to more than 1,000 convenience stores in the Midwest, Southeast, Mid-Atlantic and Northeast U.S., including the Fas Mart, Shore Stop, Village Pantry, Apple Market and Jiffi Stop brands.

GPM, based in Richmond, Va., and led by CEO and president Arie Kotler, made several acquisitions of regional c-store chains last year.

“Arie and his team have proven they are the leading consolidators in the convenience store sector,” Sean Murphy, managing director of Harvest Partners SCF, said in a statement.  “With the strength of GPM’s platform, we feel the company has significant prospects for further growth.”

Murphy and Jay Hegenbart of Harvest Partners have joined GPM’s board of directors.

Harvest is a non-control private equity investor based in New York. Earlier this month it announced an investment in specialty food supplier Roland Foods.