Haymaker Acquisition Corp. II, ARKO Holdings Ltd. and GPM Investments, LLC Close Business Combination under New Company ARKO Corp.
Summary
We operate in an attractive and highly fragmented industry and have built a proven platform for acquisitions, as demonstrated by our successful track record of closing transactions. Arie and his talented team have established a proven platform for growth that will be further strengthened by this combination, and enhanced by the planned multi-year remodel and other organic initiatives. We are looking forward to seeing the team capitalize on the attractive opportunities that lie ahead through established strategic initiatives that are underway.The business combination was funded through a combination of cash in Haymakers trust account and a private placement investment of $100 million in convertible preferred stock from affiliates of MSD Partners, L.P. for a total amount of $295 million.Raymond James & Associates, Inc. served as lead financial and capital markets advisor. Greenberg Traurig, LLP and S. Friedman & Co. acted as legal advisors to Arko Holdings.About GPM: Based in Richmond, VA, GPM was founded in 2003 with 169 stores and has grown through acquisitions to become the 7th largest convenience store chain in the United States, with approximately 3,000 locations comprised of approximately 1,350 company-operated stores and 1,600 dealer sites to which it supplies fuel, in 33 states and Washington D.C. GPM operates in three segments: retail, which consists of fuel and merchandise sales to retail consumers; wholesale, which supplies fuel to third-party dealers and consignment agents; and GPM Petroleum, which supplies fuel to GPM and its subsidiaries selling fuel (both in the retail and wholesale segments) as well as subwholesalers and bulk purchasers.About Haymaker Acquisition Corp II: Haymaker was a $400 million blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Haymakers acquisition and value creation strategy was to identify, acquire and, after its initial business combination, build a company in the consumer, retail, media, or hospitality industries.