Global Partners Expands Portfolio with Acquisition of Consumers Petroleum of Connecticut’s Wheels Retail Fuel and Convenience Stores

Rhea-AI Summary

Global Partners LP (NYSE: GLP) has finalized its acquisition of 26 "Wheels" branded convenience stores and fuel supply agreements from Consumers Petroleum of Connecticut. The strategic purchase aims to enhance income sources and earnings potential. This transaction includes sites across Connecticut and New York, with Global also complying with a Federal Trade Commission consent order by divesting seven retail locations. CFO Greg Hanson expressed optimism about synergies that will boost overall operations.

Positive

• Acquisition of 26 convenience stores and fuel supply agreements expected to enhance income and earnings.
• Strategic positioning of acquired stores allows for operational synergies.
• Expansion into key markets in Connecticut and New York, increasing footprint.

Negative

• Divestment of seven retail locations due to Federal Trade Commission requirements may reduce immediate operational capacity.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005992/en/

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

Source: Global Partners LP

FAQ

What did Global Partners LP acquire from Consumers Petroleum?

Global Partners LP acquired 26 "Wheels" branded convenience stores and fuel supply agreements from Consumers Petroleum.

How will the acquisition impact Global Partners LP's earnings?

The acquisition is expected to create new sources of income and increase overall earnings power.

What is the strategic importance of acquiring convenience stores in Connecticut?

Acquiring convenience stores enhances Global Partners LP's market presence and allows for operational synergies.

Is Global Partners LP facing any regulatory hurdles with this acquisition?

Yes, Global Partners LP has divested seven retail locations as required by a Federal Trade Commission consent order.

What is the stock symbol for Global Partners LP?

The stock symbol for Global Partners LP is GLP.