Mergers & Acquisitions

Global Partners Completes Deal for 64 Landmark Group C-Stores

In partnership with ExxonMobil, Alltown Fresh owner grows into Houston area through Timewise acquisition
Alltown Fresh store - interior
Photograph courtesy of Alltown Fresh

Global Partners LP and Exxon Mobil Corp. on June 1 finalized their acquisition of 64 Houston-area convenience and fueling facilities from Landmark Group, according to a U.S. Securities & Exchange Commission (SEC) filing.

A new joint venture called Spring Partners Retail LLC purchased the assets, and Global Partners is now the management company and operator.

Landmark Industries' retail division began operation under the Timewise Food Store brand in 1982 with one location in Hempstead, Texas. In June 2022, Shell Retail and Convenience Operations LLC, a wholly owned subsidiary of Shell Oil Products US, Houston, acquired 248 Timewise c-stores and supply agreements with an additional 117 independently operated fuel and convenience sites from Landmark. The deal marked Shell’s return to retail after divestment of its company-owned sites in 2004.

After the Shell deal, Landmark held the 64 Timewise stores in and around the Houston, San Antonio, Austin and Laredo, Texas, markets that Global Partners and Irving, Texas-based ExxonMobil have acquired.

“Global has a long-proven track record of acquiring, integrating, optimizing and operating assets as demonstrated by their growth and performance in the Northeast and mid-Atlantic,” the Waltham, Massachusetts-based company said in March.

Through a mix of company-operated retail c-store and dealer supply agreements, Global Partners in 2022 acquired approximately 120 retail assets across the Northeast and mid-Atlantic, it said. It owns approximately 1,700 locations across the Northeast and Mid-Atlantic, of which more than 350 are company owned. Brands include Alltown, Alltown Fresh, Convenience Plus, Fast Freddie’s, Honey Farms, Jiffy Mart, Mr. Mike’s, P&H Truck Stop, T-Bird, XtraMart and Wheels.

“This latest deal leverages the company’s strategic advantage, relationships and operating excellence to expand outside its current footprint into the Houston, Texas, market,” Global Partners had said, adding that plans are to retain and welcome existing site and other employees.

“This acquisition is another example of our commitment to investing in growing markets where we have strategic advantages and where we can deliver value to guests and shareholders,” Global Partners CEO Eric Slifka said in March.

“We’re extremely excited to expand into the Texas market,” he added. “We look forward to serving our Houston-area guests and communities with our signature focus on quality food and guest experience.”

In January 2022, Global Partners acquired 26 company-operated Wheels c-stores in Connecticut from Consumers Petroleum of Connecticut Inc., Milford, Connecticut, including fuel supply agreements with 22 sites in Connecticut and New York. As part of a Federal Trade Commission (FTC) consent order, the company divested seven retail sites.

In February 2022, Global Partners acquired 23 c-stores, 21 company-operated convenience stores and two company-owned dealer-operated stores in Virginia, North Carolina and Florida, and the wholesale dealer accounts in Virginia and North Carolina, part of a group of 70 total accounts, from Miller Oil Co. Inc., doing business as Millers Energy, Norfolk, Virginia. Sunshine Gasoline Distributors Inc., Doral, Fla., acquired the wholesale dealer accounts in Florida.

And in September 2022, Global Partners acquired 14 Tidewater fuel and c-stores and one commission-marketer location in the Norfolk, Chesapeake and Virginia Beach areas of Virginia from Richmond, Virginia-based Tidewater Convenience.

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