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Global Partners LP (NYSE: GLP) has announced the acquisition of Tidewater Convenience, Inc., enhancing its retail presence in the mid-Atlantic region. This purchase includes 15 locations, 14 of which are company-operated, in southeast Virginia. Mark Cosenza, SVP of Gasoline, Distribution and Station Operations, emphasized the strategic importance of Virginia in expanding their network. Global Partners operates around 1,700 retail locations and delivers essential products to local communities.
Positive
Acquisition of 15 Tidewater locations expands retail footprint in southeast Virginia.
Strategic entry into a key market that complements existing operations.
Continued commitment to community and guest experience enhances brand loyalty.
Negative
None.
WALTHAM, Mass.--(BUSINESS WIRE)--
Global Partners LP (NYSE: GLP) (“Global” or “the Partnership”), one of the Northeast and mid-Atlantic’s largest independent owners, suppliers, and operators of gasoline stations and convenience stores, today announced the purchase of Tidewater Convenience, Inc. (Tidewater), further expanding the Partnership’s retail footprint in the mid-Atlantic region.
The acquisition includes 15 locations (14 company-operated) in Southeast Virginia.
“We are committed to continuing to expand by adding strategic locations to our vertically integrated network. Virginia is a key market that complements our existing portfolio,” said Mark Cosenza, SVP Gasoline, Distribution and Station Operations. “We share Tidewater’s values around community and a commitment to guest experience, and we look forward to continuing to deliver high-quality service at these locations.”
Global delivers essential products including fuel, food, and supplies to local communities and supports non-profits and community organizations throughout its footprint at approximately 1,700 retail locations and more than 20 bulk energy terminals.
Matrix Capital Markets Group, Inc. served as the exclusive financial advisor to the seller.
About Global Partners
With approximately 1,700 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.
