Global Partners Buying C-store & Retail Fuel Assets of Champlain Oil

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Global Partners Buying C-store & Retail Fuel Assets of Champlain Oil

05/17/2018
A Jiffy Mart convenience store
Global Partners will grow in Vermont and New Hampshire with the addition of 37 Jiffy Mart stores.

WALTHAM, Mass. — Global Partners LP inked an agreement to purchase the retail fuel and convenience store assets of Vermont-based Champlain Oil Co. Inc.

The acquisition includes 37 company-operated gas stations with Jiffy Mart-branded convenience stores in Vermont and New Hampshire, and approximately 24 fuel sites that are either owned or leased, including lessee dealer and commission agent locations.

The transaction also includes fuel supply agreements for approximately 70 gas stations, primarily in Vermont and New Hampshire. The stations market major fuel brands such as Mobil, Shell, CITGO, Sunoco and Irving.

"Building on our skill as a strategic acquirer, this acquisition is an excellent fit for Global, expanding our retail business into Vermont and growing our presence in New Hampshire," said Global Partners President and CEO Eric Slifka. "Jiffy Mart is an established brand with locations along high-traffic routes throughout northern New England. The acquisition benefits from our vertically integrated model, providing additional volume to our strategically situated terminals, including those in Burlington, Vt., and Albany, N.Y.

"We are very excited about adding retail facilities to our portfolio and expect the transaction to be accretive within the first full year of operations," he added.

The transaction is expected to close in the third quarter and is subject to regulatory approvals and other customary closing conditions.

Slifka reported during Global Partners' first earnings call of 2018, held May 9, that although it had a quiet first three months of the new year, the company was still eyeing additional acquisition activity.

"Our strategy remains focused on complementing our organic growth with acquisitions that enable us to build on our leadership position. The deal pipeline within the retail gas station and convenience store market continues to be very active and we are always evaluating potential opportunities to expand our portfolio," he said.

As the company keeps making acquisitions, it also continues to look for opportunities where it can prune non-strategic assets through divestitures.

It was also announced May 9 that Global Partners tapped NRC Realty & Capital Advisors LLC to sell 32 convenience stores with gas. The portfolio consists of eight locations in Connecticut, 15 locations in Massachusetts, six locations in Maryland, and three locations in New York. Sealed bids on the assets are due by June 7.
 
"I think selling is going to be something that we're always looking at. I would say at the retail level, likely, it will always be going on in some form, if we're always buying companies," Slifka said. "I think there are opportunities that may exist throughout all of our assets where maybe there's a better utilization for the proceeds, so we'll always look to be measuring what's the best for our portfolio. And whether we put something up for sale or not, we're always going to be looking at: Is there a better alternative for those assets? Always."
 
Waltham-based Global Partners is a midstream logistics and marketing master limited partnership that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. With approximately 1,500 locations, primarily in the Northeast, Global is one of the largest regional independent owners, suppliers and operators of gasoline stations and convenience stores.