Arko closes Uncle’s convenience stores deal

Arko Corp., a Fortune 500 holding company for Henrico County-based convenience store chain GPM Investments LLC, has closed on its acquisition of Texas-based WTG Fuels Holdings LLC, the owner of Uncle’s convenience stores and Gascard fleet fueling operations.

It’s Arko’s 24th acquisition since 2013. The deal was first announced in December 2022.

“The WTG acquisition fits squarely in our long-term growth strategy and our commitment to create value for our stockholders,” Arko Chairman, President and CEO Arie Kotler said in a statement. “We believe we will add significant value to the WTG business by leveraging our excellent integration capabilities, and we believe that the WTG business will benefit considerably from our merchandising and marketing initiatives. We expect that the WTG business’ robust diesel business will advance our fuel strategy to maximize fuel gross profit dollars. We believe that Uncle’s and Gascard are well-positioned to benefit from the scale and expertise at the heart of ARKO’s operations, and we welcome them to our family of community brands.”

The $140.2 million acquisition, plus the value of inventory, brings Arko to Texas. Arko financed $25.2 million of the cash consideration from its own sources, and the remaining $115 million was funded by Oak Street, a division of Blue Owl Capital.

The transaction includes 24 company-owned Uncle’s convenience stores across western Texas, along with 68 proprietary Gascard-branded fleed fueling sites and 43 private sites.

Arko Corp. made the Fortune 500 list for the first time in 2022, ranking No. 498, and in 2023, rose almost 40 spots to No. 460. One of the nation’s largest convenience store chains, GPM’s brands include Fas Mart and E-Z Mart.