Monday, September 27, 2010
GPM Investments Secures $46M Financing
Source: Convenience Store News
RICHMOND, Va. -- GPM Investments LLC, operator of the Fas Mart and Shore Stop convenience store chains, received a $46 million senior secured credit facility, through the help of NRC Realty & Capital Advisors LLC, with an affiliate of Bayside Capital Inc. The credit facility will replace existing loans as well as provide additional operating capital, according to a statement by NRC.
"NRC was able to bring Bayside to the table with an attractive, long-term financing solution which closed within a very short time frame. With this facility in place, GPM is well positioned to continue its strategic growth and expansion plans," Don Bassell, GPM CFO, said in a statement.
"We worked with several lenders before nailing down the right loan facility with the right lender to meet GPM's needs," Denny Ruben, managing director at NRC, said in a statement. "In today's lending environment, financing for c-store chains is often challenging. Many lenders have been pulling back, even with their existing customers. That means you have to work harder and look wider when seeking appropriate financing. NRC is positioned to do just that for our clients."