Convenience store owner and operator GPM Investments has agreed to purchase 61 ExpressStop convenience stores with gas stations in Michigan and Ohio, US.

With this acquisition, GPM will expand its existing network of 1,350 company-operated stores.

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The stores will complement its 165 stores in Michigan and nine stores in Ohio.

The aggregate purchase price to be paid to the seller is approximately $102m. It includes the value of inventory and cash at the acquired locations.

Around $92m of the aggregate purchase price will be paid to the seller by two unrelated real estate funds.

A wholly owned company of holding company ARKO, GPM did not disclose the name of the seller.

ARKO chairman, president and chief executive officer Arie Kotler said: “Our model of growing through acquisition while keeping the local banners in place has delivered significant value for all of ARKO’s stakeholders.

“Michigan and Ohio are important geographies for us, and we believe that ExpressStop is a highly regarded brand there. We look forward to welcoming those associates to the GPM family while providing ExpressStop customers with the same great quality products and services they’re used to.”

Completion of the deal is subject to fulfilment of customary closing conditions precedent, including obtaining all required permits and licences. It is expected to close during the first half of this year.

During the process, Fifth Third Securities served as the exclusive financial adviser for ExpressStop.