One of the Largest Convenience Store Chains Is Going Public

Haymaker Acquisition Corp. II (NASDAQ: HYAC) announced this month that it will be merging with the convenience store chain GPM Investments (owned by Arko Holdings) via a special purpose acquisition company (SPAC) merger. GPM is one of the largest gas station and convenience store chains in the U.S. with approximately 1,400 locations. The company operates stores under various gas station banners including Valero and Shell.

Typically, privately held companies like GPM Investments look to go public through an initial public offering (IPO). However, SPACs are increasing in popularity because they allow companies to go public faster and with less regulatory red tape than a typical IPO. GPM is the latest company merging with a SPAC which will effectively make it a public company -- the deal with Haymaker values GPM at around $1.5 billion.

GPM is a convenience store chain that has a total of 1,272 stores in 23 states in the U.S. The company's convenience stores sell hot food, grocery store products, beverages, and fuel to customers. Since GPM's inception in 2003, the company has been active in acquiring different convenience store chains along the U.S. Eastern seaboard, completing 17 acquisitions since 2013. Through these acquisitions, GPM's store footprint extends into 23 states and the size of the company has increased by a factor of four.

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Source Fool.com