RICHMOND, Va.—Fast-growing GPM Investments LLC, which operates or supplies fuel to 1,400 convenience stores in 22 states, has entered into a non-binding letter of intent to acquire about 60 self-operated retail convenience stores in several U.S. Midwestern states for about $100 million, the company announced yesterday in a filing with the U.S. Securities and Exchange Commission.

GPM, whose controlling shareholder is ARKO Holdings Ltd., didn’t disclose the names of the c-stores it plans to acquire as it continues to “consolidate the fragmented convenience store marketplace and to drive returns for investors,” the company said.

As NACS Daily reported last week, the company anticipates remodeling about 360 of its sites in key locations across the U.S. and to expand delivery via DoorDash from 20 locations to more than 300 this year. Based in Richmond, Virginia, GPM was founded in 2003 with 169 stores and has grown through acquisitions.

There are nearly 153,000 convenience stores in the U.S., and about 95,000 are single-store operators, according to according to the 2020 NACS/Nielsen Convenience Industry Store Count. The number of single stores has been trending down since 2012.