ARKO Corp. (ARKO): M&A transaction — ARKO completes $230M acquisition of Pride Convenience, adds 31 stores in Northeast

ARKO Corp.

Total purchase price ~$230M plus inventory; ARKO funded ~$30M cash, Oak Street funded ~$202M via real estate leaseback.
Adds 31 convenience stores, expanding ARKO's footprint into Massachusetts (34th state) and Northeast region.
Expected annual run-rate Adjusted EBITDA ~$12.2M, with incremental annual rent of ~$12.2M to Oak Street.
Acquisition is ARKO's 22nd since 2013, consistent with disciplined, accretive growth strategy.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ARKO Corp. completed an acquisition involving Pride Parent, LLC for $230 million plus the value of inventory (closed 2022-12-06).

Action: acquisition
Counterparty: Pride Parent, LLC
Consideration: $230 million plus the value of inventory
Closing: 2022-12-06

Exact text from the filing

operates 31 convenience stores in the Northeast. Pursuant to the Purchase Agreement, at closing of the transaction, GPM was obligated to pay to Seller aggregate consideration of $230 million plus the value of inventory for all of the Interests, subject to certain closing adjustments. GPM financed from its own sources approximately $30 million of the cash

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ARKO Corp. filing history →

Source: SEC EDGAR

accession 0000950170-22-026177

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