RICHMOND, Va., April 13, 2022 (GLOBE NEWSWIRE) — GPM Investments, LLC, a wholly owned subsidiary of ARKO Corp. (Nasdaq: ARKO), extended its existing $1 billion deal with Chicago-based real estate investment firm Oak Street Real Estate Capital, a division of Blue Owl Capital (“Oak Street”) by one year, and the extended agreement provides an overall availability of $1.15 billion in the second year of the term.
ARKO and Oak Street have extended for one year an agreement originally signed in May 2021, in which Oak Street agreed to buy and lease real estate from GPM or its affiliates. In addition to the $253 million of real estate acquired by Oak Street as part of the agreement and the $130 million of real estate expected to be purchased as part of the recently announced acquisition of the refueling fleet and distribution assets of Quarles Petroleum, Oak Street has committed up to $1.15 billion for the second year of the term, subject to the terms of the agreement.
GPM is one of the largest convenience store chains in the United States, having completed twenty acquisitions since 2011, with 1,406 convenience stores in a unique community of brands and 1,628 wholesale locations employing more than 11 000 people in 33 states and the District of Columbia. The company recently announced its proposed acquisition of Quarles Petroleum, marking its 21st acquisition, which is currently expected to close in the second quarter of 2022.
“Working with Oak Street has given us tremendous flexibility when it comes to trading,” said Arie Kotler, President and CEO of ARKO. “We plan to continue our highly successful acquisition model with even more creative solutions for sellers, who we believe recognize that we are a prime acquirer due to our proven strategy of preserving strong local brands while closing transactions at very attractive multiples.”
“We’ve had a great experience with ARKO and are excited to enter phase two of our partnership with them,” said Marc Zahr, Founder and Chairman of Oak Street.
To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.
About ARKO Corp. and GPM Investments, LLC1
ARKO Corp. (Nasdaq: ARKO) owns 100% of GPM Investments, LLC and is one of the largest convenience store operators in the United States. Based in Richmond, Virginia, our highly recognizable family of community brands offers delicious convenience foods, beer, snacks, candy, hot and cold beverages and several popular fast food brands. Our high value fas AWARDS ® offers exclusive discounts on merchandise and gas. We operate in three reportable segments: retail, which includes convenience stores selling petroleum products and other merchandise to retail customers; wholesale, which supplies fuel to independent dealers and consignees; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites.
About Blue Owl Capital Inc:
Blue Owl is a global alternative asset manager with $94.5 billion in assets under management as of December 31, 2021. Anchored by a strong permanent capital base, the firm deploys private capital into direct lending, GP and real estate solutions for institutional and private clients. Blue Owl’s flexible and consultative approach helps position the company as a partner of choice for businesses seeking capital solutions to support their sustained growth. The firm’s management team is comprised of seasoned investment professionals with an average of over 25 years of experience building alternative investment businesses. Blue Owl employs over 350 people in nine offices around the world.
Oak Street, a division of Blue Owl, is a real estate investment firm focused on acquiring net leased properties from quality, creditworthy tenants. Oak Street investment funds currently have $15 billion of discretionary acquisition capacity and co-investment capacity to deploy in sale-leasebacks and build combinations. Oak Street specializes in providing flexible capital solutions to a variety of organizations including enterprises, healthcare systems, universities and government entities.
For more information, visit us at www.blueowl.com.
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