Global Partners to Acquire Retail Fuel and Jiffy Mart Convenience Store Assets in Vermont and New Hampshire from Champlain Oil Company
WALTHAM, Mass.--(BUSINESS WIRE)--May 17, 2018--Global Partners LP (NYSE: GLP) today announced the signing of an agreement to purchase the retail fuel and convenience store assets of Vermont-based Champlain Oil Company, 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, Vermont and Albany, New York. 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.”
The purchase is expected to close in the third quarter of 2018 and is subject to regulatory approvals and other customary closing conditions.
About Global Partners LP
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. Global is also 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. The Partnership is also engaged in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. For additional information, visit www.globalp.com.
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. All comments concerning the Partnership’s expectations for future revenues and operating results are based on forecasts for its existing operations and do not include the potential impact of any future acquisitions. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180517005667/en/
CONTACT: Global Partners LP
Daphne H. Foster, 781-894-8800
Chief Financial Officer
Edward J. Faneuil, 781-894-8800
Executive Vice President, General Counsel and Secretary
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: CONVENIENCE STORE ENERGY OIL/GAS RETAIL
SOURCE: Global Partners LP
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PUB: 05/17/2018 08:30 AM/DISC: 05/17/2018 08:30 AM