WALTHAM, Mass. -- Global Partners LP has completed the acquisition of the retail fuel and convenience-store assets of Champlain Oil Co. Inc. and its Coco Mart Inc. c-store operating company. The transaction includes 37 company-operated gas stations with Jiffy Mart-branded c-stores in Vermont and New Hampshire and about 24 fuel sites that are either owned or leased, including lessee dealer and commission agent locations.
- Global Partners is No. 33 in CSP’s 2018 Top 202 ranking of c-store chains by number of company-owned retail outlets. Champlain Oil's Jiffy Mart ranked at No. 178.
The deal also includes term fuel-supply agreements for about 65 gas stations, primarily in Vermont and New Hampshire. The 126 stations primarily market major fuel brands such as Mobil, Shell, CITGO, Sunoco and Irving.
The purchase price, excluding inventory, was about $134 million, subject to post-closing adjustments.
“The completion of this transaction expands our retail portfolio and geographic footprint in New England and provides additional volume to our strategically located terminals in New York and Vermont,” said Eric Slifka, Global Partners president and CEO. “We are excited to add the well-established Jiffy Mart brand and co-branding arrangements to our business and to further benefit from economies of scale in the purchase of fuel and convenience-store merchandise. We look forward to building upon these premier assets and welcome our new associates to the Global team.”
Founded in 1949 by C. Douglas Cairns, Champlain Oil, based in Burlington, Vt., is one of the largest petroleum wholesale distribution and retail convenience marketers in the Northeast. In 1990, the company acquired the Jiffy Mart brand along with 13 company-operated locations from Jiffy Mart Inc.
Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to Champlain Oil.
“The Cairns family and its talented management team built one of the most respected and successful independent petroleum marketing and convenience retailing companies in the industry,” said Matrix Managing Director Spencer Cavalier.
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 about 1,500 locations, primarily in the Northeast, the Waltham, Mass.-based company is one of the largest regional independent owners, suppliers and operators of gas stations and c-stores.