Global Expands its New England Portfolio

Fortune 500 energy supplier Global Partners LP recently announced two acquisitions that would increase the company’s retail presence in New England.

On May 17, the partnership, which is based in Waltham, Massachusetts, announced it had signed an agreement to purchase the retail fuel and convenience store assets of Vermont-based Champlain Oil Company, Inc.

The acquisition included 37 Champlain Oil-operated gas stations with Jiffy Mart-branded convenience stores in Vermont and New Hampshire, as well as approximately 24 fuel sites that were either owned or leased including lessee dealer and commission agent locations. The transaction also included 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.”

Less than two weeks later, on May 30, Global announced another agreement, this one for the purchase of 10 gas stations and convenience stores operated by 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.

“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 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.”

Both purchases are expected to close in the third quarter of 2018, subject to customary closing conditions. Like the Champlain Oil purchase, Global expects the Cheshire Oil acquisition to be accretive within one year of operations.

With approximately 1,500 locations, primarily in the Northeast, Global Partners LP 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.

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