Global Partners Closes Capitol Petroleum Portfolio Purchase
WALTHAM, Mass. — Global Partners LP completed its $156-million acquisition of a portfolio of 97 retail gas stations and seven dealer supply contracts from Capitol Petroleum Group (CPG).
The deal, which has been on the table since April, consists primarily of Mobil- and Exxon-branded owned or leased gas stations. It includes 51 retail locations and seven dealer supply accounts in New York City and 46 retail locations in Prince George's County, Md.
In 2014, these assets sold approximately 125 million gallons of fuel. In New York, 45 of the locations are dealer-leased locations and six are commission agents, while in Maryland, there are 41 dealer-leased locations and five commission agents, according to CPG.
Global Partners expects the acquisition to be accretive in the first full year of operations.
"The Capitol portfolio increases our penetration in two important East Coast markets," said Eric Slifka, the partnership's president and CEO. "Completing this transaction strengthens our growing Gasoline Distribution and Station Operations business and further integrates our midstream and downstream assets."
The Raymond James Convenience Store & Fuel Products Distribution Investment Banking team served as advisor to CPG.
"With the conclusion of this transaction, we intend to build upon CPG's foundation of approximately 200 remaining locations in Washington, D.C., northern Virginia and New York with acquisitions throughout North America," said Joe Mamo, CPG's president and CEO. "We are well positioned for continued strategic growth."
Springfield, Va.-based CPG is a wholesale distributor of petroleum services. It owns, operates or supplies retail sites in Maryland, Virginia, metropolitan Washington, D.C., and the New York City region. CPG is an authorized distributor for Shell, ExxonMobil, Valero, Crown and CITGO petroleum brands.
Waltham-based Global is a midstream logistics and marketing company that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. Global also is one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. With approximately 1,600 locations, primarily in the Northeast, Global is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores.