WALTHAM, Mass. — Global Partners LP has completed the purchase, announced in December, of retail fuel and convenience-store assets from Consumers Petroleum of Connecticut Inc., Milford, Conn., including 26 company-operated Wheels stores in Connecticut.
The deal also includes fuel supply agreements with 22 sites in Connecticut and New York. As part of a Federal Trade Commission consent order, Global has divested seven retail sites in Connecticut.
The acquisition demonstrates Global Partners’ “strategy of growing in part through acquisitions designed to create new sources of income and increase overall earnings power,” the company said.
“The Wheels retail fuel and convenience stores are well-sited to benefit from synergies in our operations and supply network, ultimately contributing to Global’s bottom line,” said Greg Hanson, chief financial officer. “Like Global, Consumers Petroleum is a family-founded company that grew to include high-value real estate and fuel operations; we are excited to welcome them to our portfolio.”
- Global Partners is No. 27 on CSP's 2021 Top 202 ranking of U.S. c-store chains by number of company-owned retail outlets.
With more than 1,600 retail locations and more than 20 bulk energy terminals primarily in the Northeast, master limited partnership (MLP) Global Partners is one of the region’s largest independent owners, suppliers and operators of gas stations and c-stores. The Waltham, Mass.-based company also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, it engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental United States and Canada.
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