Global Partners Completes Deal for Liquid Energy Terminals

WALTHAM, Mass. — Global Partners LP closed on its acquisition of 25 liquid energy terminals from Motiva Enterprises LLC. The deal was previously announced last month.

With the newly acquired locations, the partnership now owns or leases 49 liquid energy terminals in the United States, totaling approximately 18.3 million barrels in shell capacity. The new assets expand access to a critical network of marine loading facilities as well as the Colonial, Plantation, Enterprise, Explorer and Magellan refined product pipelines, Global Partners stated.

"This acquisition nearly doubles our operating footprint, giving Global a significant position from Maine to Florida and into the Gulf Coast," said Eric Slifka, Global Partners' president and CEO. "The addition of these terminals supports the growth of our integrated supply, storage and retail network in rapidly growing areas of the country — Florida, Georgia, Texas and the Carolinas — providing customers with gasoline, diesel and other liquid fuels essential to their daily lives.

"This purchase marks a significant milestone in Global's 90-year history and highlights our strategy to acquire and invest in assets where we can leverage our core strengths. We look forward to broadening our network for existing customers and serving new customers with our high level personal service and reliability," he added.

[Read more: Three-Pronged Growth Strategy Pays Off for Global Partners During Q2 2023]

The transaction is underpinned by a 25-year take-or-pay throughput agreement with Motiva, the anchor tenant at the terminals, that includes minimum annual revenue commitments.

The terminals were purchased for $305.8 million in cash.

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. In addition, it engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental United States and Canada.