RICHMOND, Va.—ARKO Corporation announced today two separate agreements that enhance the company’s dealmaking flexibility and long-term growth strategy.

On May 2, 2023, ARKO subsidiary GPM Investments LLC, together with affiliates of Oak Street, a division of Blue Owl Capital, entered into a third amendment to the program agreement with Oak Street while ARKO subsidiary GPM Petroleum LP renewed and extended its revolving credit facility with a syndicate of banks led by Capital One. The credit line was increased by $300 million, to $800 million, and its maturity was extended to May 2028.

In aggregate, ARKO currently has more than $2 billion in available capital for continued merger and acquisition activity, including cash, lines of credit and the extended Oak Street program agreement.

“We believe that these financial commitments position ARKO to continue our long-term growth strategy well into the future,” said Arie Kotler, chairman, president and CEO of ARKO. “I believe we have the balance sheet strength and liquidity to continue pursuing multiple paths of growth, making disciplined, accretive acquisitions while investing in our core convenience store business to create value for our stockholders.”

ARKO recently put in a bid for TravelCenters of America that was turned down in favor of a bid by BP. In September 2022, it agreed to a $375 million acquisition of 150 c-stores from Transit Energy Group. In October, it acquired 31 sites from Pride Convenience Holdings.

In December, it purchased 24 Uncle’s stores for $140 million. “We are committed to creating value for our stockholders with a systematic, convenience-store focused long-term growth strategy focused on disciplined and accretive transactions,” said Arie Kotler, ARKO’s chairman, president and CEO, at the time. “We believe that we add significant value to acquisitions with our excellent integration capacity, which has helped accelerate the pace of dealmaking, which in turn improves our business, creates more efficiencies and funds future growth—a virtuous cycle that we believe sets ARKO apart as a leading convenience store operator and acquirer of choice.”