Richmond-based gas station retail chain GPM Investments has agreed to acquire Transit Energy Group (TEG), a privately held convenience store and wholesale fuel company with 350 outlets in the Southeast, for $375M plus the value of inventory.
The deal, announced this week by GPM parent ARKO, includes fuel supply rights to approximately 200 commercial, government and industrial dealers. GPM also will acquire TEG's bulk storage, distribution and transportation assets.
About $265M in funding for the acquisition will come from Oak Street Real Estate Capital as part of a $1.15B agreement, announced last year, between ARKO and Oak Street that will transfer ownership of the TEG assets to Oak Street in a sale-leaseback with GPM, according to a statement on ARKO's website.
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