Haymaker Provides Investor Update
RICHMOND, Va., Oct. 23, 2020 (GLOBE NEWSWIRE) -- Haymaker Acquisition II (Nasdaq: HYAC) (“Haymaker”) furnished an updated investor presentation to the U.S. Securities and Exchange Commission in connection with its proposed business combination with ARKO Holdings, Ltd. / GPM Investments, LLC (“Arko,” “GPM” or the “Company”), a rapidly growing leader in the U.S. convenience store industry. The updated investor presentation includes selected unaudited financial information of the Company for the nine month period ended September 30th, 2020 and reflects the previously announced closing of the Company’s acquisition of the wholesale fuel distribution business and retail locations of Empire Petroleum.
Arie Kotler, Chief Executive Officer of Arko and GPM commented, “The updated investor presentation reflects the strong results we have continued to deliver as we have already met approximately 94% of our Adjusted EBITDA projections for fiscal 2020 through the first nine months of the year. Underlying these results include strong same-store in-store sales growth despite the lack of government stimulus since August.”
Mr. Kotler continued, “We have entered the fourth quarter from a position of strength with quarter-to-date same-store in-store sales through October 18th up 4.3%. With our strong performance to date and with ample levers to drive further growth and profitability, we are extremely well positioned to exceed our previously provided financial targets for this year. We look forward to discussing our third quarter results and outlook in more detail in November.”
Arko’s pending business combination with Haymaker Acquisition Corp. II, a special purpose acquisition corporation (SPAC) (the “Business Combination”) remains on track for an expected closing in the fourth quarter of 2020. Following the closing, the combined company is expected to become publicly-listed on the NASDAQ stock exchange under the ticker ARKO.
On October 6, 2020 the Company closed its acquisition of Empire Petroleum Partners’ fuel distribution business and retail locations. The acquisition brought the Company’s total site count to approximately 3,000 across 33 states.
About GPM and Arko:
Based in Richmond, VA, GPM was founded in 2003 with 169 stores and has grown through acquisitions to become the 7th largest convenience store chain in the United States, with, following the consummation of the Empire acquisition, 2,930 locations comprised of 1,350 company-operated stores and 1,580 dealer sites to which it supplies fuel, in 33 states. GPM 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 GPM and its subsidiaries selling fuel (both in the retail and wholesale segments).