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Gas-Mart USA, INC. (GasMart) reported today that it has sold its 19 stores in the greater Kansas City, MO area as of April 27, 2015. The sale, along with two other sales currently under negotiation, marks the end of a six-month sale process by GasMart as part of its efforts to restructure its balance sheet and enable one of its founders, Jim George, to retire.
GasMart USA, Inc. (GasMart) announced today that it has sold its 19 stores in Kansas City, Missouri, as of April 27, 2015. The sale, along with two other sales currently under negotiation, marks the end of a six-month sale process by GasMart as part of its efforts to restructure its balance sheet and enable one of its founders, Jim George, to retire.
With its beginnings in 1995, the George Family joined forces with members of the Gustin Family, including one of Applebee’s International, Inc.’s founders, Abe Gustin, to grow the chain, which opened its first location in 1996. Since then, GasMart has made a series of store acquisitions and divestitures across seven states. GasMart and its affiliates will have 42 outlets, including six leased locations, after the sale announced today and others under contract. GasMart and its affiliates also own and run an expanding wholesale fuel market as well as a fuel transportation company with its own fleet of trucks.
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An entrepreneurial business plan that began in 1995 has developed into a C-store success story in the Midwest. Gas Mart USA is a brand that is synonymous with quality and comfort in the Midwest. Founded in 1995 by a group of entrepreneurs with the goal of acquiring, developing, building, and operating convenience stores in Kansas, Missouri, Illinois, Wisconsin, Indiana, Iowa, and Nebraska, the business now generates $375 million in annual sales and employs more than 400 people, and its team hasn’t stopped searching for ways to expand and grow.
President and CEO David George said, “Our target has always been to get to 400 stores, and we’re about a fourth of the way there.” “The economy has recently slowed us down, but this hasn’t always been the case.”
George claims that 2004 was the company’s most successful year, with 30 new locations in Chicago and 11 in Kansas City. In the Kansas City area, Gas Mart currently has six deals in the works, all of which are either new builds or acquisitions. There has also been talk of larger chain acquisitions, but getting the funding is the most difficult aspect.
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GasMart USA was established in 1995, and our first store was completed in early 1996. By 2003, we had completed the construction of seven new stores in and around Kansas City. Our Principle Investors began searching for acquisitions in late 2003, and by late 2004, the company had expanded to 18 stores with three additional empty locations. We purchased 28 sites from Conoco Phillips in three states in early 2004. (Illinois, Wisconsin and Indiana). In 2006, we acquired seven additional stores in two additional states (Iowa and Nebraska), as well as expanding our wholesale HVAC distribution operation.
GasMart USA bought a 26,000 square foot building to house the corporate office due to an increase in development between 2003 and 2004. (pictured above). In the next five years, our new business strategy calls for us to open 200 locations.
GasMart USA is committed to keeping its pages clean and well-organized. Visit any of our 46 locations to receive the same friendly service and high-quality goods that you’ve come to expect from a market leader.
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