WALTHAM, Mass. — Global Partners LP has signed an agreement to purchase the retail fuel and convenience-store assets of Consumers Petroleum of Connecticut Inc. The acquisition includes 27 company-operated gas stations with Wheels-branded c-stores in Connecticut. The transaction also includes fuel supply agreements for approximately 25 stations in Connecticut and New York.
The stations market fuel under the CITGO and Sunoco brands.
“Building on our history of successful strategic acquisitions, the pending purchase of Wheels is an excellent fit for Global, and expands our retail business in Connecticut,” said Global Partners President and CEO Eric Slifka. “The team at Consumers Petroleum has built an impressive brand, with locations along high-traffic routes throughout Connecticut. We are excited about adding these facilities to our portfolio and expect the transaction to be accretive within the first full year of operations.”
“We are very proud of what we have accomplished and the business we have grown over three generations,” said Richard Wiehl, chairman of Consumers Petroleum and Wheels of CT Inc., Milford, Conn. “We are excited to see how Global will continue to grow and improve the Wheels assets and feel that we are leaving the company in good hands.”
The companies expect the purchase to close in the first half of 2021, subject to regulatory approvals and other customary closing conditions.
- Global Partners is No. 27 on CSP’s 2020 Top 202 ranking of c-store chains by number of retail outlets.
With approximately 1,550 locations primarily in the Northeast, Waltham, Mass.-based Global Partners is one of the region’s largest independent owners, suppliers and operators of gas stations and c-stores. It has nearly 300 company-owned retail outlets under the Alltown, Alltown Fresh, XtraMart, Honey Farms, Jiffy Mart, T-Bird, Mr. Mike’s, Fast Freddie’s, Convenience Plus and P&H Truck Stop brands.
The master limited partnership (MLP) 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 United States and Canada.