M&A Deal Summary

GPM Investments Acquires Empire Petroleum Holdings

On December 18, 2019, GPM Investments acquired distribution company Empire Petroleum Holdings from Riveria Investment Group and American Infrastructure Funds

Acquisition Highlights
  • This is GPM Investments’ 1st transaction in the Distribution sector.
  • This is GPM Investments’ 5th transaction in the United States.
  • This is GPM Investments’ 1st transaction in Texas.

M&A Deal Summary
Date 2019-12-18
Target Empire Petroleum Holdings
Sector Distribution
Buyer(s) GPM Investments
Sellers(s) Riveria Investment Group
American Infrastructure Funds
Deal Type Add-on Acquisition
Advisor(s) Barclays Investment Bank
Wells Fargo Securities (Financial)

Target

Empire Petroleum Holdings

Dallas, Texas, United States
Empire Petroleum Holdings LLC is a distributor of fuel and fuel products on the East Coast. Empire Petroleum operates as a wholesaler between petroleum companies and retail gas stations. Empire Petroleum Holdings was founded in1998 and is based in Gaithersburg, Maryland.

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Buyer(S) 1

Buyer

GPM Investments

Richmond, Virginia, United States
Category Company
Sector Retail
DESCRIPTION

GPM Investments is a privately-owned convenience store operator and branded fuel distributor in the U.S. GPM Investments is based in Richmond, Virginia.

DEAL STATS #
Overall 5 of 6
Sector (Distribution) 1 of 2
Type (Add-on Acquisition) 4 of 5
State (Texas) 1 of 2
Country (United States) 5 of 6
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-16 Admiral Petroleum

Coopersville, Michigan, United States

Admiral Petroleum Co. Inc. is a convenience store business based in the Midwest. The Company, which had been family owned and operated since 1905, is headquartered in Coopersville, Michigan, and includes 130 Admiral-branded gas and convenience stores.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 Empire Petroleum Partners

Dallas, Texas, United States

Empire Petroleum Partners LLC is a motor fuel distributor across the Mid-Atlantic, Southeastern, and Southwestern U.S., with more than 1,100 customers across 27 states from Delaware to California. Empire distributes every major brand, including BP, Chevron, Citgo, Exxon, Getty/Lukoil, Gulf, Marathon, Mobil, Shell, Sunoco, Texaco, and Valero. Empire Petroleum Partners is based in Dallas, Texas.

Buy -

Seller(S) 2

SELLER

Riveria Investment Group

New York, New York, United States
Category Private Equity Firm
Founded 2011
Size Small
Type Sector Agnostic
DESCRIPTION

Riveria Investment Group is a private equity firm focused primarily on profitable, small to mid-sized, expansion-stage companies. The Firm targets situations where additional capital can accelerate growth. Riveria looks for transactions valued from $20 to $200 million and EBITDA of $2 to $25 million. Areas of interest include consumer products, retail, manufacturing, industrial, media/entertainment, and healthcare. In addition to growth equity transactions, Riveria will also consider management buyouts, recapitalizations, purchases of family-owned companies, corporate divestitures, and take-privates. Riveria is based in New York City.

DEAL STATS #
Overall 5 of 9
Sector (Distribution) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Texas) 1 of 3
Country (United States) 5 of 9
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-05 LMPmotors

Fort Lauderdale, Florida, United States

LMPmotors is an e-commerce platform for buying, selling and financing late model pre-owned automobiles. Through the Company’s platform, consumers can research and identify a vehicle, obtain financing and warranty coverage, purchase a vehicle and schedule delivery or pick-up all from their desktop or mobile devices. LMPmotors was founded in 2017 and is based in Fort Lauderdale, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-30 Kalkomey

Richardson, Texas, United States

Kalkomey provides technology-enabled recreational safety management solutions to outdoor enthusiasts and government agencies. The company administers online education courses and certifications for boaters and hunters in all 50 US states and Canada. It also provides software to state agencies to drive recreational participation and civic engagement and grow agency revenue. Kalkomey was founded in 1995 and is based in Richardson, Texas.

Sell -
SELLER

American Infrastructure Funds

Foster City, California, United States

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 2006
Size Large
Type Sector Focused
DESCRIPTION

American Infrastructure MLP Fund is a specialist private equity group focused on natural resources and real property businesses. American looks for businesses with steady, recurring cash-flows. Specific areas of interest include oil/gas exploration, minerals/mining, forest products, fertilizers, private and publicly owned real estate assets, and any other businesses that generate stable, after tax cash-flows that can be distributed. American Infrastructure MLP was founded in 2006 and is based in Foster City, California.

DEAL STATS #
Overall 2 of 6
Sector (Distribution) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Texas) 1 of 2
Country (United States) 2 of 6
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-25 Unison Energy

Greenwich, Connecticut, United States

Unison Energy is a fully integrated distributed generation company that develops, builds, owns, and operates combined heat and power (CHP) projects at commercial and industrial customer sites including hospitals, hotels, supermarkets, and manufacturing facilities. Unison Energy is based in Greenwich, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 Empire Petroleum Partners

Dallas, Texas, United States

Empire Petroleum Partners LLC is a motor fuel distributor across the Mid-Atlantic, Southeastern, and Southwestern U.S., with more than 1,100 customers across 27 states from Delaware to California. Empire distributes every major brand, including BP, Chevron, Citgo, Exxon, Getty/Lukoil, Gulf, Marathon, Mobil, Shell, Sunoco, Texaco, and Valero. Empire Petroleum Partners is based in Dallas, Texas.

Sell -
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