GPM Investments

What GPM Investments does

GPM Investments, LLC is a Richmond, Virginia-based convenience store and fuel distribution company and a wholly-owned subsidiary of ARKO Corp. (Nasdaq: ARKO). The company operates or supplies sites in 33 states and Washington D.C., with approximately 3,200 total locations comprising roughly 1,400 company-operated stores, 121 proprietary cardlock fueling sites, and 1,660 independent dealer sites supplied with branded fuel. It is the 6th largest convenience store chain in the U.S. and reported full-year 2025 adjusted EBITDA of $246-249M, selling approximately 2 billion gallons of fuel annually.

The business spans four reportable segments: Retail (fuel and merchandise sales to consumers, including prepared foods and branded QSR franchises such as Dairy Queen, Dunkin', Subway, Taco Bell, and Sbarro); Wholesale (fuel supply to third-party dealers); GPM Petroleum (internal fuel supply to GPM's own sites); and Fleet Fueling (proprietary cardlock operations and fuel cards, including Quarles, fasCASHBACK, and Watchcard programs). Its core technology includes the TOP TIER Detergent Gasoline program, the fas REWARDS mobile loyalty app (with 2.4 million enrolled members spending 53% more per month than non-members), proprietary cardlock site management systems, and a fuel card platform with 98% nationwide acceptance.

GPM monetizes through retail fuel and merchandise margin, wholesale fuel distribution to dealers (more than 75 million gallons annually), and fleet fuel card transactions. Loyalty and digital channels (DoorDash delivery from 600+ stores, mobile app) drive repeat visit frequency and customer lifetime value. The company pursues growth primarily through a 23-deal, decade-long M&A program (most recently Transit Energy Group in 2023, ~$370M) and a $360M, 3-5 year food-forward remodel initiative, while expanding into adjacent energy infrastructure (Red E EV charging, Apollo Power solar).

Name

GPM Investments

Legal name

GPM Investments, LLC

Website

https://gpminvestments.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

GPM Investments, a wholly-owned subsidiary of ARKO Corp. (Nasdaq: ARKO), operates the 6th largest U.S. convenience store chain with approximately 3,200 locations across 33 states, spanning retail, wholesale fuel, and fleet fueling/cardlock segments serving retail consumers, independent dealers, and commercial fleet customers.

Ownership category

akta.pro rank

Product category

Convenience Store Retail

NAICS

Gasoline Stations with Convenience Stores (45711), Gasoline Stations with Convenience Stores (457110), Gasoline Stations and Fuel Dealers (457)

SIC

Retail-Auto Dealers & Gasoline Stations (5500)

akta.pro primary industry

Fuel Stations with Convenience Retail (Forecourt C-Stores) (CRANAJAB)

akta.pro secondary industries

Convenience Retail & Foodservice at Forecourts (C-Store/QSR) (EUALAIAE), Non-Fuel Retail & Ancillary Forecourt Services (Car Wash, Auto Care, ATM/Lottery, Parcel Lockers) (EUALAIAJ), Commercial & Fleet Fueling (Cardlock, On-Site Tanks, Bulk Delivery) (EUALAIAD)

Keywords

• Convenience store retail
• Fuel distribution wholesale
• Fleet fueling services
• Loyalty program management
• Quick service restaurants

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Retail — Convenience Store Merchandise and Fuel Sales: Fuel and merchandise sales to retail consumers at company-operated convenience stores. Stores offer a large selection of beverages, coffee, fountain drinks, candy, salty snacks, hot fresh food, and branded QSR programs. The retail segment is the primary revenue driver, supported by the company's loyalty program.
2. Wholesale Fuel Distribution: Supplies fuel to third-party dealers and consignment agents from supply terminals throughout the Eastern United States. GPM distributes BP, ConocoPhillips, Exxon, Marathon, Shell, and Valero branded fuels. Each year GPM supplies more than 75 million gallons of fuel to dealers.
3. GPM Petroleum: Supplies fuel to GPM's own retail and wholesale sites as well as subwholesalers and bulk purchasers. This segment internally manages fuel supply to the company's other business segments.
4. Fleet Fueling / Cardlock Operations: Operates proprietary Quarles-branded cardlock locations, manages third-party fueling sites, and markets proprietary fuel cards with access to a nationwide network of fueling sites. Revenue generated from fleet fuel consumption at cardlock sites and transaction fees on third-party network usage.
5. Quick-Service Restaurant (QSR) Franchises: Branded food programs including Dairy Queen, Dunkin', Godfather's Pizza, Noble Roman's Pizza, Sbarro, Subway, and Taco Bell located inside select GPM convenience stores. Revenue shared through franchise royalty and sales arrangements.

Pricing tiers

Distribution channels5 records

Marketing channels7 records

Core offering

GPM Investments, LLC owns and operates approximately 1,400 company-operated convenience stores across 33 states and Washington D.C. under 20+ regional community brands (fas mart, Scotchman, Shore Stop, Village Pantry, Roadrunner Markets, etc.), selling fuel and merchandise to retail consumers. The company also supplies fuel to approximately 1,660 independent dealer sites, operates 121 proprietary cardlock locations for fleet fueling, and markets branded fuel cards providing access to a nationwide fueling network.

Product overview

GPM Investments operates as a convenience store chain and fuel wholesaler under the ARKO Corp. umbrella, offering a portfolio of proprietary and franchised products and services. The core offering consists of approximately 1,400 company-operated convenience stores operating under regional brands (fas mart, Scotchman, Shore Stop, Village Pantry, etc.), a loyalty program (fas REWARDS®), and fuel card products (fasCASHBACK, Quarles, Watchcard). The business spans four segments: retail (fuel and merchandise sales), wholesale (fuel distribution to independent dealers), GPM Petroleum (fuel supply), and fleet fueling (cardlock operations). Stores also feature branded quick-service restaurant franchises including Subway, Dunkin', Taco Bell, Godfather's Pizza, Noble Roman's Pizza, Sbarro, and Dairy Queen, plus proprietary deli programs. Convenience services include Western Union money transfers, ATMs, car washes, lottery, and prepaid cards. The company also operates a wholesale fuel distribution network supplying BP, ConocoPhillips, Exxon, Marathon, Shell, and Valero brands to dealers across the Eastern United States.

Differentiator

Problem solved

Functional benefit

Brands

• fas Craves: Fresh food program featuring made-to-order items
• fas REWARDS
• fasCASHBACK

Products and services

• Convenience Store Retail Operations Approximately 1,400 company-operated convenience stores operating under 20+ regional brand names (fas mart, Scotchman, Shore Stop, Village Pantry, Roadrunner Markets, etc.) selling fuel, beverages, coffee, candy, snacks, fresh food, and convenience merchandise to retail consumers across 33 states and Washington D.C.
• fas REWARDS® Loyalty Program fas REWARDS® Loyalty Program Proprietary high-value customer loyalty program with approximately 2.4 million enrolled members offering exclusive discounts, coupon offers, promotional savings, points redemption, and a mobile app. Members can stack fuel savings up to $1 off per gallon for up to 20 gallons or redeem points for fas BUCKS to spend in-store.
• fasCASHBACK® Discount Fuel Card fasCASHBACK® Discount Fuel Card Proprietary fuel discount card allowing members to receive up to 20 cents savings per gallon on unleaded, midgrade, and premium fuel. The card links directly to the customer's checking account with immediate price rollback at the pump. Accepted at over half of GPM stores.
• Quarles Fleet Fuel Card Program Quarles Fleet Fuel Card Program Fleet fueling card program including Quarles Classic (access to 175+ Quarles sites with no fees), Quarles Universal (access to 98% of nationwide retail fueling sites and truck stops), and Quarles Over The Road (cash price at pump with acceptance at 12,000+ truck stops nationwide).
• Watchcard Fuel Card Watchcard Fuel Card Fleet fuel card with 98% nationwide acceptance, allowing users to shop for best fuel prices, set dollar limits, receive fraud alerts, and manage multiple cards for drivers.
• Wholesale Fuel Distribution Wholesale Fuel Distribution Wholesale fuel supply service distributing BP, ConocoPhillips, Exxon, Marathon, Shell, and Valero branded fuels to over 1,660 independent dealer stores from supply terminals throughout the Eastern United States, supplying more than 75 million gallons annually.
• Fleet Fueling / Cardlock Services Fleet Fueling / Cardlock Services Proprietary cardlock locations and third-party fleet fueling site management operating 121+ proprietary Quarles-branded cardlock sites, managing additional third-party sites, and marketing fuel cards providing access to a nationwide fueling network.
• Fresh Food Program (fas Craves) Fresh Food Program (fas Craves) Proprietary deli and fresh prepared food offerings at select GPM stores featuring made-to-order salads, paninis, sandwiches, fried chicken, and other fresh prepared foods under the fas Craves brand.
• Branded QSR Restaurant Programs Branded QSR Restaurant Programs Branded quick-service restaurant programs inside select GPM convenience stores including Dairy Queen, Dunkin', Godfather's Pizza, Noble Roman's Pizza, Sbarro, Subway, and Taco Bell, providing familiar fast-food offerings to convenience store customers.

Quantifiable outcome

• Loyalty members spend 53% more per month compared to non-members (based on approximately 2.4 million enrolled members)
• +4 more outcomes

Named customers3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

17 partnerships are on record, tiered core and secondary.

• Apollo PowercoreStrategic or Co-development Partner · 17 November 2025Strategic partnership to deploy solar energy solutions at ARKO's network of over 3,500 gas stations and convenience stores across the U.S. The initiative involves a project valued at approximately $53 million to implement solar systems at no fewer than 300 gas station sites, aiming to reduce electricity costs and enhance asset performance. GPM Investments (a subsidiary of ARKO) signed a memorandum of understanding with Apollo Power for this solar project.
• Red EcoreTechnology or Integration · 18 May 2025Partnership with Detroit-based Red E for electric vehicle (EV) charging infrastructure deployment and management across GPM's convenience store portfolio. Red E provides comprehensive management services including infrastructure strategy, deployment, software integration, payment systems, and operational oversight. The expansion covers 39 sites operated by Red E plus 57 additional sites under construction expected by Q4 2026, totaling 90 existing EV charging sites.
• SbarrosecondaryStrategic or Co-development Partner · 7 December 2021Strategic partnership to launch Sbarro restaurants inside Village Pantry store locations. Partnership started with four locations in Indiana. Sbarro serves New York-style extra-large pizza slices handmade daily with San Marzano style tomatoes and 100% whole milk mozzarella cheese, along with Stromboli, bread sticks, chicken wings, whole pizzas, and chicken tenders.
• BPcoreChannel Partner/ Reseller/ DistributorGPM distributes BP branded motor fuel to its dealer network from supply terminals throughout the Eastern United States. BP is one of the largest oil and gas producers and gasoline retailers in the United States, maintaining a commitment to being progressive, innovative, green, and performance-driven.
• MarathoncoreChannel Partner/ Reseller/ DistributorGPM distributes Marathon branded motor fuel to its dealer network. Marathon's network exceeds 5,600 locations and the company is committed to delivering quality products, reliable supply, and distinctive programs that give dealers a competitive advantage.
• ExxoncoreChannel Partner/ Reseller/ DistributorGPM distributes Exxon branded motor fuel. Exxon branded fuels, services, and lubricants have been relied upon for over a century. Exxon-Mobil uses innovation and technology to deliver energy to a growing world.
• ShellcoreChannel Partner/ Reseller/ DistributorGPM distributes Shell branded motor fuel. Shell fuels, lubricants, and other goods and services are purchased by millions daily from Shell's global network of more than 43,000 service stations.
• ValerocoreChannel Partner/ Reseller/ DistributorGPM distributes Valero branded motor fuel. Valero Energy Corporation is American-owned and operated based in San Antonio, Texas, with more than 7,400 outlets. Valero operates under brand names including Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon.
• ConocoPhillipscoreChannel Partner/ Reseller/ DistributorGPM distributes ConocoPhillips branded motor fuel. ConocoPhillips is the world's largest independent exploration and production company based on proved reserves and production of liquids and natural gas.
• DoorDashsecondaryChannel Partner/ Reseller/ DistributorDelivery partnership with DoorDash covering more than 600 GPM stores, with 84 stores offering alcohol delivery. Provides customers the ability to order convenience store items for home delivery through the DoorDash platform.
• Dairy QueensecondaryStrategic or Co-development PartnerBranded quick-service restaurant program offered at select GPM convenience store locations, providing familiar fast-food offerings to convenience store customers.
• Dunkin'secondaryStrategic or Co-development PartnerBranded quick-service restaurant program offered at select GPM convenience store locations, along with Broyles Hospitality which operates several Dunkin' stores in Tennessee and Virginia under a franchise granted by Dunkin' Donuts Franchising LLC.
• Godfather's PizzasecondaryStrategic or Co-development PartnerBranded quick-service restaurant program offered at select GPM convenience store locations.
• Noble Roman's PizzasecondaryStrategic or Co-development PartnerBranded quick-service restaurant program offered at select GPM convenience store locations.
• SubwaysecondaryStrategic or Co-development PartnerBranded quick-service restaurant program offered at select GPM convenience store locations. GPM acquired 18 Town Star convenience stores in Florida in 2019, 10 of which had Subway restaurants. Also operates Subway locations in the Carolinas.
• Taco BellsecondaryStrategic or Co-development PartnerBranded quick-service restaurant program offered at select GPM convenience store locations.
• Muscular Dystrophy Association (MDA)secondaryGTM or Marketing PartnerAnnual MDA holiday retail campaign held in GPM stores across 27 states. Customers donate at checkout via $1 or $5 pinups or by rounding up purchases. GPM has raised over $2 million for MDA since 2011, with over $193,000 raised in 2023 alone.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Wawa: Privately held East Coast c-store chain known for proprietary food, coffee, and digital loyalty. Comparable to GPM's community-brand strategy and East Coast density, though with a stronger proprietary-food positioning.
• Sunoco LP: Master limited partnership focused on fuel distribution and retail via the Sunoco and 7-Eleven licensee networks. Comparable to GPM's wholesale fuel supply and dealer-network segments in the Eastern US.
• Sheetz: Privately held Mid-Atlantic c-store chain with strong made-to-order food and loyalty program. Comparable on c-store operations, branded foodservice, and Eastern US footprint where GPM has significant store count.
• Casey's General Stores: US Midwestern c-store chain with leading in-store prepared food and bakery programs. Comparable to GPM on fuel+c-store operations, private-label merchandise, and rural/small-metro footprint, with stronger food-service execution.
• RaceTrac: Privately held Southeast US c-store chain with strong fuel and fresh-food programs. Comparable on regional c-store operations, fuel supply, and loyalty/digital initiatives in geographies overlapping with GPM's dealer network.
• QuikTrip: Privately held multi-state c-store chain with strong fuel, fresh food, and private-label programs. Comparable on multi-brand community-store operations, fuel supply logistics, and Eastern/Southern US presence.
• Pilot Travel Centers (Berkshire Hathaway): Largest US travel center/truck stop operator, wholly owned by Berkshire Hathaway. Comparable to GPM's Quarles cardlock and fleet fueling segments and overlap on fuel supply partnerships and QSR partnerships inside travel locations.
• Alimentation Couche-Tard (Circle K): Canadian-based global c-store giant operating the Circle K banner with significant US presence. Directly comparable on fuel+merchandise retail, fuel distribution, and acquisition-led growth strategy in similar geographies.
• 7-Eleven (Seven & i Holdings): The largest US and global convenience store operator with a broad fuel+c-store model. 7-Eleven is the most direct competitor to GPM's multi-brand, fuel-anchored convenience store portfolio and overlaps on branded foodservice programs and fuel card offerings.
• Murphy USA: US fuel-led c-store operator primarily located near Walmart stores. Comparable to GPM's fuel-heavy business model and disciplined merchandise assortment, though with a more concentrated fuel-margin focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/arko-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GPM Investments