NEW YORK, Sept. 9, 2020 /PRNewswire/ -- DLA Piper
represented Haymaker Acquisition Corp. II (NASDAQ: HYAC), a
publicly traded special acquisition company, in a definitive
agreement for a business combination with GPM, the seventh-largest
convenience store chain in the United
States, and ARKO Holdings Ltd (TASE: ARKO), an Israeli
public holding company whose primary asset is a controlling stake
in GPM. The transaction is expected to close in the fourth quarter
of 2020.
GPM has grown its store count from 320 in 2011 to 1,393
locations in 23 states comprised of 1,266 company-operated stores
and an additional 127 additional sites to which it supplies fuel as
of June 30. The company 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 company stores as well as sub-wholesalers
and bulk purchasers. It is anticipated that the combined company
will have an equity market capitalization of approximately
$1.4 billion, and a total enterprise
value of $2 billion, at closing.
"We're pleased to bring our retail sector capabilities, our
knowledge of the unique role and operations of SPACs, and our
experience working with investors across multiple jurisdictions to
assist Haymaker, a longtime client, in this significant transaction
that will position GPM for even greater success and expansion,"
said Sidney Burke, who led the deal
for DLA Piper.
In addition to Burke, the DLA Piper team also included partners
Stephen Alicanti and Drew Young, and associates Rube Uthayakumar and
Andrew Wolfe (all New York), and associate Rahul Sajnani (Los
Angeles).
With more than 1,000 corporate lawyers globally, DLA Piper helps
clients execute complex cross-border transactions seamlessly while
supporting clients across all stages of development. The firm has
been rated number one in global M&A volume for ten consecutive
years, according to Mergermarket.
About DLA Piper
DLA Piper is a global law firm with lawyers located in more than
40 countries throughout the Americas, Europe, the Middle
East, Africa and
Asia Pacific, positioning us to
help clients with their legal needs around the world. In certain
jurisdictions, this information may be considered attorney
advertising. dlapiper.com
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SOURCE DLA Piper