Global Partners Expands Portfolio with Acquisition of Consumers Petroleum of Connecticut’s Wheels Retail Fuel and Convenience Stores
WALTHAM, Mass.–(BUSINESS WIRE)–Global Partners LP (NYSE: GLP) (“Global” or “the Partnership”), one of the Northeast’s largest independent owners, suppliers and operators of gasoline stations and convenience stores, today announced that it has completed the previously announced purchase of retail fuel and convenience store assets from Consumers Petroleum of Connecticut, Inc. The deal demonstrates the Partnership’s strategy of growing in part through acquisitions designed to create new sources of income and increase overall earnings power.
The transaction includes 26 company-operated “Wheels” branded convenience stores in Connecticut, as well as fuel supply agreements with 22 sites in Connecticut and New York. As part of a Federal Trade Commission consent order, Global has divested seven select retail sites in Connecticut.
“The Wheels retail fuel and convenience stores are well-sited to benefit from synergies in our operations and supply network, ultimately contributing to Global’s bottom line,” said Greg Hanson, Chief Financial Officer. “Like Global, Consumers Petroleum is a family founded company that grew to include high-value real estate and fuel operations; we are excited to welcome them to our portfolio.”
Global delivers essential fuel, food and supplies to local communities and supports non-profits and community organizations throughout its footprint, at more than 1,600 retail locations and more than 20 bulk energy terminals.
About Global Partners
With more than 1,600 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global 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, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Contacts
Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800
Sean T. Geary
Acting General Counsel, Secretary and
Vice President – Mergers & Acquisitions
Global Partners LP
(781) 894-8800
