Partnership Finalizes Purchase of 42 Company-Operated Mobil Stations
in New England
WALTHAM, Mass., Oct 01, 2010 (BUSINESS WIRE) --
Global Partners LP (NYSE: GLP), one of the largest wholesale
distributors of gasoline, distillates and residual oil in the New
England states and New York, today announced that it has completed the
final phase of its acquisition of Mobil-branded retail gas stations and
fuel supply rights in Massachusetts, New Hampshire and Rhode Island.
The Partnership has closed on the purchase of 42 Mobil-branded stations
directly operated by Exxon Mobil Corporation. Earlier this month, the
Partnership completed the acquisition of 148 dealer-operated Mobil
stations, as well as gasoline and diesel supply rights for an additional
31 Mobil stations owned and operated by independent Mobil dealers.
Global Partners has outsourced the day-to-day management and operations
of these 221 locations to Alliance Energy LLC, an experienced retail
operator. Alliance is approximately 95 percent owned by members of the
Slifka family, who also own the General Partner of the Partnership.
"Today marks an exciting new chapter for Global Partners," said Eric
Slifka, President and Chief Executive Officer. "We are pleased to have
completed this transaction ahead of schedule. The acquisition of these
premier stations and supply rights creates significant new year-round
income for the Partnership, increasing our overall earnings power."
Of the 221 stations involved in the transaction, 179 are located in
Massachusetts, 22 in Rhode Island and 20 in New Hampshire. The stations
sold approximately 370 million gallons of gasoline and diesel fuel in
2009. All of the stations will continue to operate under the Mobil brand
as part of a long-term branding agreement between ExxonMobil and Global
Partners.
Global Partners financed the acquisition with borrowings under its
four-year, $1.15 billion senior secured credit facility.
About Global Partners LP
Global
Partners LP, a publicly traded master limited partnership
based in Waltham, Massachusetts, owns, controls or has access to one of
the largest terminal
networks of refined
petroleum products in the Northeast. The Partnership is one
of the largest wholesale distributors of gasoline,
distillates (such as home
heating oil, diesel
and kerosene) and residual
oil to wholesalers, retailers and commercial customers in the
New England states and New York. Global Partners LP, a FORTUNE 500(R) company,
trades on the New York Stock Exchange under the ticker symbol "GLP." For
additional information, please visit www.globalp.com.
Forward-looking Statements
Some of the information contained in this news release may contain
forward-looking statements. Forward-looking statements do not relate
strictly to historical or current facts and include, without limitation,
any statement that may project, indicate or imply future results,
events, performance or achievements, and may contain the words "may, "
"believe," "should," "could," "expect," "anticipate," "plan," "intend,"
"estimate," "foresee," "continue," "will likely result," or other
similar expressions. In addition, any statement made by Global Partners
LP's management concerning future financial performance (including
future revenues, earnings or growth rates), ongoing business strategies
or prospects and possible actions by Global Partners LP or its
subsidiaries are also forward-looking statements. Forward-looking
statements are not guarantees of performance. Although Global Partners
LP believes 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
the control of Global Partners LP, which may cause future results to be
materially different from the results stated or implied in this news
release. For additional information about risks and uncertainties that
could cause actual results to differ materially from forward-looking
statements, please refer to Global Partners LP's Annual Report on Form
10-K for the year ended December 31, 2009, Quarterly Report on Form 10-Q
for the period ended June 30, 2010 and subsequent filings the
Partnership makes with the Securities and Exchange Commission.
Developments in any of these areas could cause Global Partners LP's
results to differ materially from results that have been or may be
anticipated or projected. All forward-looking statements included in
this news release and all subsequent written or oral forward-looking
statements attributable to Global Partners LP or persons acting on its
behalf are expressly qualified in their entirety by these cautionary
statements. The forward-looking statements speak only as of the date of
this news release or, in the case of forward-looking statements,
contained in any document incorporated by reference, the date of such
document, and Global Partners LP expressly disclaims any obligation or
undertaking to update these statements to reflect any change in its
expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
SOURCE: Global Partners LP
Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and
Chief Financial Officer
or
Global Partners LP
Edward J. Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary