M&A Deal Summary

GPM Investments Acquires Empire Petroleum Partners

On November 1, 2020, GPM Investments acquired distribution company Empire Petroleum Partners from American Infrastructure Funds and Riveria Investment Group

Acquisition Highlights
  • This is GPM Investments’ 2nd transaction in the Distribution sector.
  • This is GPM Investments’ 6th transaction in the United States.
  • This is GPM Investments’ 2nd transaction in Texas.

M&A Deal Summary
Date 2020-11-01
Target Empire Petroleum Partners
Sector Distribution
Buyer(s) GPM Investments
Sellers(s) American Infrastructure Funds
Riveria Investment Group
Deal Type Add-on Acquisition

Target

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.

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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 6 of 6
Sector (Distribution) 2 of 2
Type (Add-on Acquisition) 5 of 5
State (Texas) 2 of 2
Country (United States) 6 of 6
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-18 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.

Buy -

Seller(S) 2

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 3 of 6
Sector (Distribution) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Texas) 2 of 2
Country (United States) 3 of 6
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-18 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.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Landmark Dividend

El Segundo, California, United States

Landmark Dividend is an aggregator of ground leases under essential micro-infrastructure such as cell towers and billboards. Landmark’s management team pioneered the ground lease acquisition business in 2002 and has successfully closed over 4,000 transactions. Landmark offers payments to property owners in exchange for long-term ground leases and real property easements. Landmark Dividend is based in El Segundo, California.

Sell $972M
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 7 of 9
Sector (Distribution) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Texas) 3 of 3
Country (United States) 7 of 9
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-09 Yaqrit

Ledbury, United Kingdom

Yaqrit is a clinical stage liver disease company, spun out of University College London in 2014. The Company’s current developments are based on more than 20 years of researching for liver disease. Their first programs are for severely ill patients – with cirrhosis or Acute-on-Chronic Liver Failure (ACLF). The Company plans to broaden its approach to include patients with complication of cirrhosis, Non-Alcoholic Steatohepatitis (NASH) and Non-Alcoholic Fatty Liver Disease (NAFLD), which affects more than 25% of populations in developed economies.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-17 Solmetex

Marlborough, Massachusetts, United States

Solmetex is a provider of dental amalgam separator devices and amalgam recycling services to the dental industry. The company’s NXT Hg5™ Series of Amalgam Separators and recycling program, which treat dental wastewater, is highly regarded as the best solution for regulatory compliance. Solmetex was founded in 1994 and is based in Marlborough, Massachusetts.

Sell -
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