GPM Investments (ARKO) Acquires Quarles Petroleum Cardlock and Fuel Distribution Assets
July 25, 2022
GPM Investments LLC, a subsidiary of ARKO Corp., has closed the acquisition of Quarles Petroleum's cardlock and fuel distribution business, acquiring 121 proprietary cardlock sites, management of 63 third-party cardlock sites, 46 dealer locations and a small transportation fleet. The deal retains nearly 100 Quarles employees, is expected to add about 160 million gallons (primarily diesel) to ARKO's annual volumes, and is projected to contribute roughly $17.5 million of adjusted EBITDA on an annualized basis (net of incremental rent).
- Buyers
- GPM Investments LLC, ARKO Corp.
- Targets
- Quarles Petroleum Inc.
- Sellers
- Quarles Petroleum Inc.
- Industry
- Energy
- Location
- Virginia, United States
- Transaction Type
- Buyout
Explore More
Related Acquisitions
-
GPM Investments and ARKO Acquire Empire Petroleum Partners from Riveria Investment Group
October 31, 2020
Oil & Gas
Riveria Investment Group has sold Empire Petroleum Partners, LLC to GPM Investments, with ARKO/Arko Holdings involved in the transaction. Empire Petroleum is a wholesale fuel distributor operating in 31 states and more than 80 convenience stores; Riveria described the deal as a successful exit.
-
Superior Plus Acquires Quarles Delivered Fuels Business for US$144M
June 1, 2022
Energy
Superior Plus Corp. completed the acquisition of the retail propane and refined fuels distribution assets of Quarles Petroleum Inc. (the Quarles Delivered Fuels Business) for US$144 million. The assets serve roughly 55,000 residential and commercial customers—primarily in Virginia—and include 29 bulk plants, one rail terminal, ~3 million gallons of storage, a 196-vehicle fleet and 188 employees; Superior expects approximately US$19 million in run-rate Adjusted EBITDA within 24 months.
-
Petroleum Service Corporation Acquires Prokar, Inc.
June 21, 2021
Industrial Services
Petroleum Service Corporation (PSC), a portfolio company of Aurora Capital Partners, has acquired Prokar, Inc., a regional provider of on-site railcar repair, maintenance and inspection services serving petrochemical and refining customers in Texas and Louisiana. Prokar's founder and president, Lee Schreve, will join PSC's railcar repair leadership team as part of the transaction, expanding PSC's railcar repair footprint and capabilities.
-
EMK Capital Acquires Cardo Systems
April 6, 2021
Consumer Products
EMK Capital has acquired Cardo Systems from Fortissimo Capital and founder Dr. Abraham Glezerman. Cardo, an Israel-headquartered designer and manufacturer of wireless communication devices for motorcycle riders, skiers and other groups in motion, employs over 100 people and sells products in more than 80 countries; financial terms were not disclosed.
-
Carlock Automotive Group Acquires Gulf Coast Auto Group (Mobile, AL)
September 15, 2022
Automotive
Carlock Automotive Group, led by Clay Carlock, acquired Gulf Coast Auto Group — a portfolio of four luxury dealerships (Porsche, Audi, Volkswagen and Volvo) in Mobile, Alabama — from owner Roger Tovar. The transaction was facilitated by Performance Brokerage Services and the dealerships will remain at their current locations and be rebranded under the Carlock name.
-
Novaria Group Acquires GK Mechanical Systems, LLC
December 15, 2021
Manufacturing
Novaria Group has acquired GK Mechanical Systems, LLC, a designer and manufacturer of automatic positive locking systems for aerospace, defense and naval customers; terms were not disclosed. The deal expands Novaria's portfolio of proprietary hardware and strengthens its engineered locking and component capabilities while GK's management will continue to run the business.
Track M&A activity that matters to you
Get real-time deal alerts, build buyer lists with AI, and access our full acquisition database. Start your free trial today.