News Details

WALTHAM, Mass., Jan. 5 /PRNewswire-FirstCall/ -- Global Partners LP (NYSE: GLP), one of New England's largest wholesale distributors of distillates, gasoline, residual oil and bunker fuel to wholesalers, retailers and commercial customers, today announced that it has signed an agreement to purchase a refined petroleum products terminal in Bridgeport, Connecticut from Connecticut Petroleum Wholesalers and one of its affiliates.

The Bridgeport terminal has storage capacity for approximately 109,000 barrels of refined products, including #2 fuel oil and low sulfur diesel, and additional products. The acquisition is expected to close by the second quarter of 2006 subject to due diligence and other customary conditions, and is expected to be accretive to Global Partners' unitholders on a cash available for distribution basis.

"The Bridgeport terminal is an example of a complementary acquisition, which represents an important element of our long-term growth strategy," said Eric Slifka, president and chief executive officer of Global Partners. "The purchase of this facility will enable us to expand our position in our core geographic market. The Bridgeport facility will enhance our current bulk terminal portfolio in southern Connecticut and will give us control of an additional site from which to supply current and prospective customers."

"We will continue to identify acquisition opportunities that allow us to take advantage of our long and successful history as a terminaling and marketing company, a business model that enables Global Partners to produce strong, stable cash flows and generate high margins by lowering our cost of supply," said Slifka.

About Global Partners LP

Global Partners, a master limited partnership based in Waltham, Massachusetts, is one of the largest wholesale distributors of distillates (such as home heating oil, diesel and kerosene), gasoline, and residual oil and bunker fuel to wholesalers, retailers and commercial customers in New England. Global Partners, which completed its initial public offering in October 2005, was formed by affiliates of the Slifka family. Global Partners trades on the New York Stock Exchange under the ticker symbol "GLP." For additional information, please visit http://www.globalp.com.

Safe Harbor Statement

This news release may contain certain "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements are identified as any statements that do not relate strictly to historical or current facts and can generally be identified by the use of forward-looking terminology including "may," "believe," "expect," "anticipate," "estimate," "continue" or other similar words. Such statements may discuss future expectations for or contain projections of results of operations, financial condition or our ability to make distributions to unitholders or state other "forward-looking" information and include statements related to the anticipated closing date of the acquisition of the Bridgeport terminal; the expectation that the transaction will be accretive to Global Partners' unitholders on a cash available for distribution basis; and Global Partners' plan to continue to identify acquisition opportunities. Forward-looking statements are not guarantees of performance. Although we believe these forward-looking statements are based on reasonable assumptions, statements made regarding future results are subject to a number of assumptions, uncertainties and risks, many of which are beyond our control, which may cause future results to be materially different from the results stated or implied in this document. Additional information about risks and uncertainties that could cause actual results to differ materially from forward-looking statements is contained under the caption "Risk Factors" in our prospectus dated September 28, 2005 as filed with the Securities and Exchange Commission on September 29, 2005 pursuant to Rule 424(b) of the Securities Act of 1933. We refer you to that filing for additional information regarding our risks and uncertainties. All forward-looking statements included in this news release and all subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date made, other than as required by law, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contacts:
    Thomas A. McManmon Jr.              Edward J. Faneuil
    Executive Vice President and        Executive Vice President,
    Chief Financial Officer             General Counsel and Secretary
    Global Partners LP                  Global Partners LP
    (781) 894-8800                      (781) 894-8800

CONTACT: Thomas A. McManmon Jr., Executive Vice President and Chief Financial Officer, +1-781-894-8800, or Edward J. Faneuil, Executive Vice President, General Counsel and Secretary, +1-781-894-8800 both of Global Partners LP/ /Web site: http://www.globalp.com/ (GLP)