ARKO Corp. to acquire Pride Convenience Holdings for ~$230M plus inventory; expands into Massachusetts

ARKO Corp.

Purchase price ~$230M plus inventory value; ~$28M from ARKO cash, ~$202M from Oak Street via sale-leaseback.
Pride operates 31 convenience stores in Northeast, including 2 Travel Centers and City Stop locations.
Deal expected to add ~$12.2M annual run-rate Adjusted EBITDA after ~$12.2M incremental rent to Oak Street.
Combined with TEG acquisition, ARKO adds ~181 stores (~15% growth); now operates in 34 states.
Closing subject to customary conditions; no financing contingency.

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