Warren Alpert (1920-2007) founded Warren Equities Inc. in 1950. One of its companies—Drake Petroleum Inc.—operates the Xtra Mart convenience stores and is a wholesale fuel distributor.
Most Xtra Mart c-stores are located in close-knit rural communities where each store serves as a sort of town center.
Slow but steady growth is the norm for Xtra Mart. The company has added new stores with Xtra Café Coffee and Dunkin' Donuts, and several locations are under development.
Store sizes vary and most have eight gasoline pumps, though some stores on larger lots have as many as 14. Most stores have a proprietary Deli Joe's foodservice offering, and about 10 have a car wash.
In October 2014, Global Partners LP, through its Global Montello Group Corp. subsidiary, agreed to buy 100% of the equity interest in Warren Equities. The sale is expected to close in the first quarter of 2015.
Q2 2015 Update
In June, Global Partners LP completed the acquisition of a portfolio of 97 primarily Mobil- and Exxon-branded owned and leased gas stations and seven dealer supply agreements from Capitol Petroleum Group. The properties are located in the New York City and Prince George’s County, Maryland/Washington, D.C. markets. The purchase price, subject to closing adjustments, was approximately $156 million. In 2014, the acquired assets sold approximately 125 million gallons of fuel.
Q1 2015 Update
Global Partners LP completed the acquisition of independent petroleum marketer Warren Equities Inc. from The Warren Alpert Foundation. The acquisition includes 147 company-operated Xtra Mart convenience stores and related fuel operations, 53 commission agent locations and fuel-supply agreements for approximately 320 dealers. The properties are located in 10 states in the Northeast and mid-Atlantic. The purchase price, subject to post-closing adjustments, was approximately $387 million, including working capital. The partnership expects the acquisition to be accretive in the first full year of operations and to generate EBITDA of $50 million to $60 million in the second full year of operations.
|Headquarters:||North Grosvenordale, Conn.|
|No. of Stores:||148|
|Average Store Size:||2,500 sq. ft.|
|Rank Last Year:||56|
|States of Operation:||Connecticut, Maine, Maryland, Massachusetts, New Hampshire, New York, Pennsylvania, Rhode Island, Virginia|