Mergers & Acquisitions

Global Partners Acquires 10 C-Stores From Cheshire Oil

Deal expands company’s retail presence in New Hampshire

WALTHAM, Mass. -- Retailer and marketer Global Partners LP has signed an agreement to purchase 10 company-operated gas stations and convenience stores from Cheshire Oil Co. LLC, Keene, N.H.

The Cheshire portfolio has nine stores in New Hampshire and one in Brattleboro, Vt. All of the locations are branded T-Bird Mini Marts and sell 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 Global Partners President and CEO Eric Slifka. “In addition to our recently announced agreement to acquire the retail fuel and convenience-store assets of Champlain Oil Co. 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.”

Global Partners said it expects the purchase to close in the third quarter of 2018, subject to customary closing conditions. The acquisition will be accretive in the first full year of operations, the company said.

Global Partners, Waltham, Mass., is a midstream logistics and marketing master limited partnership with one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. With approximately 1,500 locations, primarily in the Northeast, Global is one of the largest regional independent owners, suppliers and operators of gas stations and c-stores. It operates c-stores under the Alltown Market, Alliance and Xtra Mart names. Global Partners is No. 33 on CSP’s 2017 Top 202 ranking of c-store chains by number of company-operated retail outlets.

The company 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. It is also engaged in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada.

Photo credit: Map data ©2018 Google

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