Global Partners, owner of the Alltown Fresh, Honey Farms, XtraMart and other convenience-store brands, completed its acquisition of 25 Liquid Energy Terminals from Motiva Enterprises on Dec. 21 for $305.8 million.
“This acquisition nearly doubles our operating footprint, giving Global a significant position from Maine to Florida and into the Gulf Coast,” said Eric Slifka, president and CEO of Global Partners. “The addition of these terminals supports the growth of our integrated supply, storage and retail network in rapidly growing areas of the country—Florida, Georgia, Texas and the Carolinas—providing customers with gasoline, diesel and other liquid fuels essential to their daily lives.”
The transaction is underpinned by a 25-year take-or-pay throughput agreement with Motiva, the anchor tenant at the terminals, that includes minimum annual revenue commitments.
With the newly acquired locations, Global now owns or leases 49 liquid energy terminals in the United States, totaling approximately 18.3 million barrels in shell capacity. The new assets expand access to a critical network of marine loading facilities as well as the Colonial, Plantation, Enterprise, Explorer and Magellan refined product pipelines. The terminals have a shell capacity of 8.4 million barrels, the Waltham, Massachusetts-based company said.
“This purchase marks a significant milestone in Global’s 90-year history and highlights our strategy to acquire and invest in assets where we can leverage our core strengths," Slifka said. "We look forward to broadening our network for existing customers and serving new customers with our high level personal service and reliability.
“We think it’s going to put us in a position to expand that business as well as potentially being more competitive on any retail acquisitions,” Slifka said. “We also think there’s an opportunity around supply for these assets as well.”
Motiva refines, distributes and markets petroleum products throughout the Americas. The company’s Port Arthur Manufacturing Complex in Port Arthur, Texas, is comprised of North America’s largest refinery with a crude capacity of 640,000 barrels a day, the country’s largest base oil plant, and an adjacent chemical plant.
- Global Partners is No. 24 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by store count.
Global Partners, an integrated storage, distribution and retail liquid energy company, owns, leases or supplies about 1,700 convenience-store locations across the Northeast and Mid-Atlantic, of which 353 are company owned.
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