GPM Investments has purchased the 36 petroleum marketing and convenience retail Handy Mart stores from E.J. Pope & Son Inc. GPM is a wholly owned subsidiary of ARKO Corp.
As of the closing, EJP operated 36 stores under the Handy Mart store brand, with approximately 20 branded QSRs or proprietary food offerings co-located at the stores.
Additionally, via its sister company, Pope Transport, the company hauls its own fuel and also acts as a common carrier for other, third-party hauling customers. Judson Pope will retain Pope Transport and continue to haul fuel to the 36 stores for GPM, as well as for its existing customer base.
“Given how long of a legacy my family and I have had with this company, selling was a very difficult decision for me,” said Judson Pope. “With the help of a great team around me, we built a first-class operation and many team members will be transitioning to GPM and continuing to provide excellent customer service to our customers throughout eastern North Carolina.”
Matrix Capital Markets provided merger and acquisition advisory services to EJP, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale.
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