Fas Mart gas supplier GPM Petroleum LP files for a $100 million IPO

GPM Petroleum LP, which distributes motor fuel to GPM Investments' acquired convenience stores, filed on Monday with the SEC to raise up to $100 million in an initial public offering.

GPM Petroleum LP primarily distributes motor fuels to the more than 500 convenience stores owned by GPM Investments, most of which operate under the brand name Fas Mart. GPM is the third largest US distributor of Valero (NYSE: VLO) motor fuels, and the largest on the East Coast.

The Richmond, VA-based company, which was founded in 2003 and booked $1.5 billion in sales for the 12 months ended December 31, 2014, plans to list on the NYSE under the symbol GPMP. Raymond James is the sole bookrunner on the deal. No pricing terms were disclosed.