Global Partners Picks Up Another New England Portfolio
WALTHAM, Mass. — Global Partners LP continues to build up its presence in New England.
The Waltham-based company inked an agreement to purchase 10 company-operated gas stations and convenience stores from Keene, N.H.-based Cheshire Oil Co. LLC.
The Cheshire portfolio comprises nine stores in New Hampshire and one in Brattleboro, Vt. All of the locations are branded T-Bird Mini Marts and market CITGO fuel.
The purchase is expected to close in the third quarter of 2018 and is subject to customary closing conditions.
"This acquisition expands our retail presence in New Hampshire and benefits from economies of scale in the purchase of fuel and convenience store merchandise," said Global Partners President and CEO Eric Slifka.
"In addition to our recently announced agreement to acquire the retail fuel and convenience store assets of Champlain Oil Co. in Vermont and New Hampshire, the Cheshire transaction reflects our strategic focus on making complementary acquisitions in markets that leverage our terminal assets, enhance synergies and expand our retail footprint," he explained.
Global Partners expects the acquisition to be accretive in the first full year of operations.
On May 17, the company signed a deal to purchase the retail fuel and convenience store assets of Vermont-based Champlain Oil Co. Inc., as CSNews Online previously reported.
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.
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.
