<SEC-DOCUMENT>0001193125-20-271232.txt : 20201231
<SEC-HEADER>0001193125-20-271232.hdr.sgml : 20201231
<ACCEPTANCE-DATETIME>20201016171958
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-271232
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARKO Corp.
		CENTRAL INDEX KEY:			0001823794
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CONVENIENCE STORES [5412]
		IRS NUMBER:				852784337
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8565 MAGELLAN PKWY
		STREET 2:		SUITE 400
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23227
		BUSINESS PHONE:		804-730-1568

	MAIL ADDRESS:	
		STREET 1:		8565 MAGELLAN PKWY
		STREET 2:		SUITE 400
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23227
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>Response Letter</TITLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>DLA Piper <FONT STYLE="font-size:7pt">LLP (US)</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">1251 Avenue of the Americas</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">New York, NY 10020-1104</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">www.dlapiper.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Sidney Burke</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Sidney.Burke@dlapiper.com</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">T 212.335.4509</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October&nbsp;16,
2020</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Judiciary Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Mara Ransom </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ARKO Corp. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed September&nbsp;10, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-248711</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Ransom: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is submitted
on behalf of ARKO Corp. (the &#147;<U>Company</U>&#148;) in response to the comments of the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;)
with respect to the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed on September&nbsp;10, 2020 (the &#147;<U>Registration Statement</U>&#148;), as set forth in your letter dated October&nbsp;9, 2020,
addressed to Christopher Bradley, Chief Financial Officer of the Company (the &#147;<U>Comment Letter</U>&#148;). The Company is concurrently filing <FONT STYLE="white-space:nowrap">pre-effective</FONT> Amendment No.&nbsp;1 to the Registration
Statement (&#147;<U>Amendment No.</U><U></U><U>&nbsp;1</U>&#148;), which includes changes that reflect responses to the Staff&#146;s comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The responses provided herein are based upon information provided to DLA Piper LLP (US) by the Company. For reference purposes, the text of
the Comment Letter has been reproduced herein with the response below the comment. For your convenience, we have italicized the reproduced Staff comments from the Comment Letter. Defined terms used in this letter not otherwise defined have the
meanings ascribed to such terms in Amendment&nbsp;No.&nbsp;1. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 16, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed September&nbsp;10, 2020 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consideration in the Business Combination, page 31 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please revise to illustrate the amount of cash and shares to be issued under each option, using the current
number of issued and outstanding Arko Ordinary Shares for purposes of the Consideration Value and a hypothetical shareholder. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and has modified its disclosure on page 32 and has made conforming changes,
where appropriate, elsewhere in Amendment No.&nbsp;1 as requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Risk Factors </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Significant changes in current consumption of tobacco..., page 48 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please revise to quantify the approximate percentage of your overall revenues that are represented by the
products you mention here. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and has modified its
disclosure on page 49 of Amendment No.&nbsp;1 as requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Pro Forma Condensed Combined Financial Information </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Pro Forma Condensed Consolidated Statement of Operations, page 87</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>You have labeled your adjustment related to income tax expense here and on page 89 as 3e. However, it
appears from your disclosure on page 92 the adjustment should be labeled 3d. Please revise as appropriate. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and has modified its disclosure on pages 89 and 91 of Amendment No.&nbsp;1
in response to the Staff&#146;s comment. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please disclose the basis for the tax rate of 25.5% disclosed in note 3.d on page 92 and how this rate
relates to the amounts of the income tax expense adjustment and combined pro forma amounts on pages 87 and 89. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and has modified its disclosure on page 94 of Amendment No.&nbsp;1 as
requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Pro Forma Condensed Combined Balance Sheet Adjustments, page 91 </U></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 16, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please tell us and disclose the basis for the amount of adjustment 2.i. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and respectfully advises the Staff that it first utilized the guidance
contained in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-40-30-3</FONT></FONT></FONT> related to reverse acquisitions which states that &#147;the assets and liabilities of the legal
acquiree are measured and recognized in the consolidated financial statements at their precombination carrying amounts (see paragraph
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-40-45-2(a)).</FONT></FONT></FONT> Therefore, in a reverse acquisition, the noncontrolling interest reflects the noncontrolling shareholders&#146;
proportionate interest in the precombination carrying amounts of the legal acquiree&#146;s net assets even though the noncontrolling interests in other acquisitions are measured at their fair values at the acquisition date.&#148; Further, Topic 12
of the SEC FRM indicates &#147;The staff considers a public shell reverse acquisition to be a capital transaction in substance, rather than a business combination. That is, the transaction is a reverse recapitalization, equivalent to the issuance of
stock by the private company for the net monetary assets of the shell corporation accompanied by a recapitalization.&#148; Simultaneously with the Business Combination, the Company will acquire the GPM minority interests through the GPM Equity
Purchase Agreement. This acquisition has been accounted for considering the guidance contained within ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-45-22</FONT></FONT></FONT> through
ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-45-24</FONT></FONT></FONT> to determine the basis for the amount contained within adjustment 2.i. During a change in a parent&#146;s
ownership interest without a change in control and in accordance with ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-45-23,</FONT></FONT></FONT> &#147;the carrying amount of the
noncontrolling interest shall be adjusted to reflect the change in ownership of the subsidiary.&#148; The adjustment contained within 2.i is the precombination carrying amount of the GPM Minority Interests acquired. The Company has revised its
disclosure on page 93 in response to the Staff&#146;s comment. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>In regard to adjustment 2.j, please disclose the material assumptions used to determine the fair value of
the put option. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and has modified its disclosure
on pages 93 and 94 of Amendment No.&nbsp;1 as requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comparative Share Information, page 95 </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>7.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please tell us your consideration of providing the equivalent pro forma per share data for book value and
pro forma income (loss) per share related to Arko Holding Ltd. Refer to Item 3(f) of Part I.A of Form <FONT STYLE="white-space:nowrap">S-4</FONT> and Instruction to paragraph (e)&nbsp;and (f) for calculation of equivalent pro forma per share
amounts. </I></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 16, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Company acknowledges the Staff&#146;s comment and has modified its
disclosure on pages 98 and 99 of Amendment No.&nbsp;1 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>The Business Combination </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>The Background of the Business Combination, page 104 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>8.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>In an appropriate place in your disclosure, please elaborate upon Arko&#146;s permitted closing cash surplus
payment to its shareholders, with a view to understanding why it was discussed as part of the merger negotiations, the purpose of it and the final amount negotiated. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and has modified its disclosure on pages 108, 109, and 110 of Amendment
No.&nbsp;1 as requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Haymaker&#146;s Board of Directors&#146; Reasons for the Approval of the Business Combination, page 107</U> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>9.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Where you discuss the attractive, growing convenience store industry and its resilience to economic
disruptions, clarify what you mean by &#147;recent months&#148; where you reference increase in revenues due to <FONT STYLE="white-space:nowrap">Covid-19,</FONT> considering your quarterly results for the period ended June&nbsp;30, 2020 reflect a
decline in revenues relative to the same period last year. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the
Staff&#146;s comment and has modified its disclosure on page 111 of Amendment No.&nbsp;1 as requested. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>10.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Where you discuss the financial condition, elaborate upon what about Arko&#146; and GPM&#146;s historical
financial results, outlook, financial plan, debt structure and asset base, as well as valuations and trading of publicly traded companies and valuations of precedent merger and acquisition targets in similar and adjacent sectors caused the Board to
approve the Business Combination. This comment also applies to the factor that relates to the terms of the Business Combination Agreement. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and has modified its disclosure on pages 111 and 112 of Amendment
No.&nbsp;1 as requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Selected Public Company Analysis, page 111 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>11.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Elaborate upon the &#147;certain respects&#148; in which the selected companies have financial profiles that
were deemed comparable. </I></P></TD></TR></TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 16, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and has modified its
disclosure on pages 114 and 115 of Amendment No.&nbsp;1 as requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Selected M&amp;A Transaction Analysis, page 112 </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>12.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Elaborate upon how the EV/EBITDA Multiples presented here were taken into account by the Board and what
conclusions may be drawn about the instant transaction relative to the multiples presented here. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:
</B>The Company acknowledges the Staff&#146;s comment and has modified its disclosure on pages 115 and 116 of Amendment No.&nbsp;1 as requested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Liquidity and Capital Resources </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Operating Activities,
page 201 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>13.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please provide a more robust analysis of the changes in net cash provided by operating activities between
comparative periods within the periods presented on pages 201 and 202. Note references to factors such as segment operating income and working capital may not provide a sufficient basis to understand how operating cash actually was affected between
periods. Address the significant drivers underlying all items cited, particularly in regard to the cited factors of lower funds received from vendors and longer payment terms with key suppliers, and how they impacted operating cash. Refer to section
IV.B.1 of SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8350</FONT> for guidance. Additionally, quantify variance factors cited pursuant to section 501.04 of the staff&#146;s Codification of Financial Reporting Releases.
</I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and has modified its disclosure on pages 210 and
211 of Amendment No.&nbsp;1 as requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Use of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures, page 205 </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>14.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Amounts for the adjustment for acquisition costs in arriving at the
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;adjusted EBITDA&#148; have been incurred in each period presented on page 206. Note (c)&nbsp;for this adjustment states salaries of employees whose primary job function is to execute the
company&#146;s acquisition strategy and facilitate integration of acquired operations are eliminated. Please tell us how adjusting for these salaries complies with question 100.01 of staff&#146;s Compliance and Disclosure Interpretations <FONT
STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Financial Measures.&#148; In so doing, tell us the amount of salaries that have been eliminated. </I></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 16, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Company acknowledges the Staff&#146;s comment and respectfully advises
the Staff that GPM has three employees who are primarily responsible for executing its acquisition strategy and facilitating integration of acquired operations. GPM can reasonably estimate the amount of time and related salary cost attributable to
each employee&#146;s contribution to researching, negotiating, executing and integrating acquisitions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Additionally, as part of
integrating stores after acquisition, current GPM store managers will train the newly acquired store managers for approximately one to two weeks at the new store location. The salaries of the GPM store managers during this period are viewed as
acquisition costs by management in assessing the performance of the business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The total of these amounts is removed in the Company&#146;s
calculation of Adjusted EBITDA in the line item Acquisition Costs and were as follows for the periods presented, in thousands: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three months ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six months ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year ended</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,</B><br><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B><br><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2018</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2017</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">$&nbsp;307</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$&nbsp;180</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$&nbsp;551</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$&nbsp;344</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$&nbsp;1,111</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$&nbsp;754</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$&nbsp;349</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Management of the Company believes that this adjustment reflects the removal of costs that are not normal,
recurring, cash operating expenses necessary to operate a registrant&#146;s business and management excludes them when assessing the performance of the business. As such, management of the Company believes these are in compliance with Question
100.01 of the Staff&#146;s Compliance and Disclosure Interpretations <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Financial Measures.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">GPM regularly manages the economic balance of maintaining employees for acquisition-related activity versus the cost of outsourcing these
services to third-parties. GPM believes it is more economical to utilize employees for certain of these activities rather than incurring third party acquisition costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, GPM&#146;s credit agreements include a consistent adjustment for these acquisition costs, including salaries of employees. As
such, the Company&#146;s computation of Adjusted EBITDA is consistent with these agreements. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 16, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Arko Holdings LTD (Parent Company Only) </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 1. General, page <FONT STYLE="white-space:nowrap">F-122</FONT> </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>15.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please provide the disclosures pursuant to Rule <FONT STYLE="white-space:nowrap">4-08(e)(3)</FONT> of
Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> in regard to the restricted net assets of Arko. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:
</B>The Company acknowledges the Staff&#146;s comment and has revised its disclosure in Note 1. General, on page <FONT STYLE="white-space:nowrap">F-122</FONT> in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature page
immediately follows.] </I></P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 16, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding the foregoing responses or otherwise, please do not
hesitate to call me at (212) <FONT STYLE="white-space:nowrap">335-4509</FONT> or Stephen&nbsp;P.&nbsp;Alicanti at (212) <FONT STYLE="white-space:nowrap">335-4783.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>DLA Piper LLP (US) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Sidney Burke </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sidney Burke </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Partner </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Christopher Bradley, ARKO Corp. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">Alan I. Annex, Greenberg Traurig, LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">Joseph A. Herz, Greenberg Traurig, LLP </P>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
