WALTHAM, Mass. — Global Partners LP is expanding its retail footprint in the Mid-Atlantic region with the acquisition of Tidewater Convenience Inc.
The deal includes 14 company-operated gas stations and convenience stores, and one company-owned commission marketing location. The sites are located throughout Norfolk, Chesapeake and Virginia Beach, Va.
With approximately 1,700 locations primarily in the Northeast, Waltham-based Global Partners is one of the region's largest independent owners, suppliers and operators of gasoline stations and convenience stores.
Global Partners also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers.
"We are committed to continuing to expand by adding strategic locations to our vertically integrated network. Virginia is a key market that complements our existing portfolio," said Mark Cosenza, senior vice president, gasoline, distribution and station operations, for Global Partners. "We share Tidewater's values around community and a commitment to guest experience, and we look forward to continuing to deliver high-quality service at these locations."
Tidewater Convenience was incorporated in 1992 by Charles "Chuck" and Carol Weaver when they acquired two Texaco stores in Virginia Beach. The company grew to a total of 17 locations at one time.
Matrix Capital Markets Group Inc. served as the exclusive financial advisor to Tidewater Convenience.
"It has been an honor and a pleasure to serve the people of Hampton Roads by providing motor fuel and other products for the past 30 years. We are very thankful for the many talented people who helped build Tidewater Convenience into what it is today," said Chuck Weaver.
"When Carol and I agreed that it was time to retire, we knew that we could rely on Matrix to find the next steward of our business," he said. "We are very satisfied with the result and know that Global Partners will continue our legacy of delivering high-quality service in each of our locations."
Matrix provided merger and acquisition advisory services to Tidewater Convenience, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.
The transaction was managed by Cedric Fortemps, co-head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group, and Martin McElroy Jr., senior associate.
"We've greatly enjoyed working with, and getting to know, the Weavers while advising them on their strategic planning decisions at various times over the last decade," Fortemps stated. "We were honored to have been chosen to advise on the sale of the incredible business Chuck and Carol have built after they told us earlier this year that based on our feedback about market conditions combined with the performance of their business, the timing was right for them to sell. We are extremely happy for them as well as all the Tidewater employees that will be joining the Global Partners team."
Otto Konrad, Cartwright Reilly, Lauren Pennington and David Allen of Williams Mullen served as legal counsel for Tidewater Convenience.