WALTHAM, Mass.--(BUSINESS WIRE)--May 30, 2018--
Global Partners LP (NYSE: GLP) today announced the signing of an
agreement to purchase 10 company-operated gas stations and convenience
stores from New Hampshire-based Cheshire Oil Company, LLC.
The Cheshire portfolio has nine stores in New Hampshire and one in
Brattleboro, Vermont. 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 Company 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.”
Global expects the acquisition to be accretive in the first full year of
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.
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Source: Global Partners LP
Global Partners LP
Daphne H. Foster, 781-894-8800
Edward J. Faneuil, 781-894-8800
Vice President, General Counsel and Secretary