Global Partners LP and Exxon Mobil Corp. will acquire 64 Houston-area convenience and fueling facilities from Landmark Group. Subject to regulatory clearance and the satisfaction of closing conditions, a new joint venture called Spring Partners Retail LLC will purchase the assets, and Global Partners will act as the management company and operator.
The companies expect to complete the transaction in second-quarter 2023.
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 Partners is No. 24 on CSP’s 2023 Top 40 update to the 2022 Top 202 ranking of U.S. c-store chains by number of company-owned retail outlets.
“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.
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,” said Global Partners, 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.
“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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