Global Partners Completes Acquisition of Retail Fuel and Jiffy Mart Convenience Store Assets in Vermont and New Hampshire from Champlain Oil Company
Global Partners LP (NYSE: GLP) today announced that it has completed the
acquisition of 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 term fuel supply agreements for approximately 65 gas stations,
primarily in Vermont and New Hampshire. The 126 stations primarily
market major fuel brands such as Mobil, Shell, Citgo, Sunoco and Irving.
The purchase price, excluding inventory, was approximately $134 million,
subject to post-closing adjustments. The transaction is expected to be
accretive within the first full year of operations.
“The completion of this transaction expands our retail portfolio and
geographic footprint in New England and provides additional volume to
our strategically located terminals in New York and Vermont,” said Eric
Slifka, Global Partners President and CEO. “We are excited to add the
well-established Jiffy Mart brand and co-branding arrangements to our
business and to further benefit from economies of scale in the purchase
of fuel and convenience store merchandise. We look forward to building
upon these premier assets and welcome our new associates to the Global
team.”
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.
Forward-looking Statements
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.
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