The transaction includes 121 branded and 64 contracted cardlock sites, and it’s expected to close on the second quarter of 2022.
The convenience operator ARKO Corp. has announced that its subsidiary, GPM Investments, has entered into an agreement with Quarles Petroleum Inc. to acquire its convenience and retail business. The transaction includes 121 branded and 64 contracted cardlock sites, unmanned fuel sites located on high-traffic corridors in the mid-Atlantic region at which customers purchase fuel with fleet cards.
“We believe that this high-volume, 24/7/365 business in prime locations cannot be replicated today, and will drive strategic growth. The acquisition of these assets complements and expands our core wholesale strategy, adding a mature fleet fueling platform and boosting our supply and distribution capabilities within our 33 states and Washington, DC fuel supply footprint,” said Arie Kotler, President and CEO of ARKO.
Quarles is one of the largest fleet fueling cardlock operators on the US east coast, with operations in Virginia, North Carolina, Maryland, Pennsylvania, and the District of Columbia. Quarles services has a diverse base of commercial customers across multiple industries, meeting their fueling needs at easily accessible commercial sites.
“Quarles has focused on building a commercial fleet fueling business with expanded site access, superior quality fuels and fleet card features that provide fleet operators with a comprehensive fueling solution. Quarles and ARKO share a commitment to excellent service and providing the best possible solutions for our customers,” stated Paul Giambra, President and CEO of Quarles Petroleum.
This acquisition is part of ARKO’s strategic focus on growth and generating long-term shareholder value with its dual convenience and wholesale platform. The company expects that this acquisition will add approximately 200 million gallons to the approximately 2 billion gallons ARKO currently sells annually. The purchase is expected to close during the second quarter of 2022.