WALTHAM, Mass. --Global Partners LP has acquired 33 convenience stores from Honey Farms Inc. The retail fuel and convenience-store assets include 11 company-operated retail sites with fuel and c-stores and 22 stand-alone c-stores. The purchase price of the cash transaction was approximately $36 million.
All of the sites are located in the Worcester, Mass., area. The Iandoli family has owned Worcester-based Honey Farm since 1969, and the family’s retail food operations of delis and supermarkets goes back to the 1920s.
Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to Honey Farms, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction.
Waltham, Mass.-based Global Partners is a midstream logistics and marketing master limited partnership (MLP) that owns, controls or has access to 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.
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