GPM Signals Growth
Announces $50 million recapitalization to focus on expansion, operations
Published in CSP Daily News
RICHMOND, Va. -- GPM Investments LLC, which operates 212 convenience stores under the Fas Mart and Shore Stop brand names, said that it has closed a $50 million credit facility that includes $15 million of new equity infusion. This entire transaction had the effect of increasing shareholders' equity by approximately $25 million.
Fas Mart and Shore Stop have demonstrated "tremendous" growth over the last decade, said GPM Investments, stretching from the Blue Ridge Mountains to the New England states. The company's plans include continuing this growth pattern into the next [image-nocss] decade. The new financing and equity infusion is an important step forward.
Along with growing the business, the new financing will improve cash flows and allow the company to remain focused on improving operational efficiencies and continuing to serve Fas Mart and Shore Stop customers, said the company.
The new financing should allow the company to invest in new capital improvement projects that will enhance the overall operations of the business and offer its customers a significantly improved shopping experience, it added.In other company news, GPM Investments recently raised $80,000 and allocated $40,000 worth of coffee for donation to 16 local charity organizations located throughout the chain's footprint in Connecticut, Delaware, Maryland, Tennessee and Virginia.
According to Rick Klyczek, vice president of marketing, said, "The 80,000 was raised from our annual in-store fundraising efforts during the month of June. We also wanted to donate goods or services that many local organizations could use, so we divided $40,000 worth of coffee among all markets."
Klyczek indicated that the donations are part of an ongoing effort to reach out and support the customers, local communities and organizations surrounding their stores. "With all the economic uncertainty around us, we felt it was a good time to make these important contributions to the communities we serve. This is all part of our continued commitment to be a responsible corporate neighbor," he said.Richmond, Va.-based GPM Investments, together with its subsidiaries, operates a chain of 212 convenience stores under the Fas Mart and Shore Stop brand names and distributes petroleum to independent c-stores and gas stations. The company stores are located in nine Mid-Atlantic states, including Virginia, Maryland, Deleware, Connecticut, New Jersey, Pennsylvania, Tennessee, Rhode Island and North Carolina. The company also sells prepared foods at many of its locations through its 70 Cafe sites, 12 Subway units and one Taco Bell unit. Through its petroleum wholesaling business, it delivers petroleum to 118 independent dealers. The company employs approximately 2,000 employees and serves customers through 330 stores.