ARKO Corp. (ARKO) Acquires Pride Convenience Holdings

ARKO Corp. (Nasdaq: ARKO) announced today that GPM Investments, LLC (“GPM”) a wholly owned subsidiary of ARKO, has agreed to acquire Pride Convenience Holdings, LLC (“Pride”), which operates 31 convenience stores in highly desirable locations. This acquisition would expand ARKO’s convenience store footprint into Massachusetts, making it the 34th state in which the Company will operate.

Pride is a leading convenience store operator in the Northeast with many large format stores, including two high-volume Travel Centers for long-haul truckers and two modern City Stop locations that cater to short-haul truckers. Additionally, Pride operates a centralized kitchen that provides fresh baked goods and food daily to all Pride stores.

“Our agreement to acquire Pride highlights ARKO’s continued focus on creating long-term shareholder value by growing our core convenience store business,” said Arie Kotler, ARKO’s chairman, president and CEO. “We believe Pride stores are top-tier assets, with a focus on excellent customer service and a quality loyalty program, and we further believe that we can add value to these assets through our operational and merchandising abilities and scale. We look forward to welcoming Pride’s employees to our Family of Community Brands and working together to enhance the business.”

Pride stores are differentiated by their well-known fresh food selection supported by its corporate kitchen and bakery, which provides high-quality bakery items, sandwiches, and other items to in-store Pride Kitchens and as grab-and-go options made fresh daily. Additionally, Pride stores include other well-known offerings, including Subway and Chester’s Chicken franchises, along with seven high volume beer and wine operations. Drive-through service at some stores and utilization of popular delivery options such as Door Dash, Uber and Grub Hub underscore the quality and appeal of these foodservice options in the region.

Marsha Medina, Chief Executive Officer of Pride, stated, “Pride is a success because of its dedicated team members, and we are excited for the opportunity to join a growing, long-term focused convenience store company with the scale Pride needs to continue enhancing our excellent offerings and strong brand name.”

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