Metis Deal Dissolves

GPM/Fas Mart parent Petro Group's sale to United Petroleum cancelled

Published in CSP Daily News

TEL AVIV, Israel -- A week after talks to sell subsidiary Petro Group Ltd., the parent company of GPM Investment Inc., collapsed, Metis Capital Ltd. controlling shareholder chairman Amnon Barzilai has "exited" and will not be selling his stake in the company, according to a report by Globes Online.

Tel Aviv, Israel-based investment firm Metis Capital has been in talks to sell Petro Group, through which GPM owns 350 gas stations and convenience stores in the United States, to Australian gas station operator United Petroleum Pty Ltd., Abbotsford, Victoria, David [image-nocss] McComas, CEO of GPM, told CSP Daily News in January when reports of a possible deal first surfaced.

Mechanicsville, Va.-based GPM owns and operates the Fas Mart and Shore Stop c-store chains.

Metis Capital said that the memorandum of understanding (MOU) Barzilai signed with an investors' group has been cancelled.

Barzilai owns 50.5% stake of Ofakim Capital Ltd. which owns 46.03% of Metis Capital, giving Barzilai a 23% stake in Metis Capital. Mony Harel owns the rest of Ofakim Capital. Metis Capital's main holding is a 25% stake in Petro Group.

( Click here for previous CSP Daily News coverage of the deal.)