Global Partners Closes Acquisition From Exxon Mobil Corp.
WALTHAM, Mass. -- Global Partners LP completed the final phase of its acquisition of Mobil-branded retail gas stations and fuel supply rights in Massachusetts, New Hampshire and Rhode Island.
The partnership has closed on the purchase of 42 Mobil-branded stations directly operated by Exxon Mobil Corp. Earlier this month, the partnership completed the acquisition of 148 dealer-operated Mobil stations, as well as gasoline and diesel supply rights for an additional 31 Mobil stations owned and operated by independent Mobil dealers, the company reported.
"Today marks an exciting new chapter for Global Partners," Eric Slifka, president and CEO, said in a released statement. "We are pleased to have completed this transaction ahead of schedule. The acquisition of these premier stations and supply rights creates significant new year-round income for the Partnership, increasing our overall earnings power."
Global Partners outsourced the day-to-day management and operations of these 221 locations to Alliance Energy LLC, an experienced retail operator. Alliance is approximately 95 percent owned by members of the Slifka family, who also own the general partner of the partnership.
Of the 221 stations involved in the transaction, 179 are located in Massachusetts, 22 in Rhode Island and 20 in New Hampshire. The stations sold approximately 370 million gallons of gasoline and diesel fuel in 2009, and all will continue to operate under the Mobil brand as part of a long-term branding agreement between ExxonMobil and Global Partners.
Global Partners financed the acquisition with borrowings under its four-year, $1.15 billion senior secured credit facility.