WALTHAM, Mass.--(BUSINESS WIRE)--Mar. 2, 2012--
Global Partners LP (NYSE: GLP) has completed the previously announced
acquisition of Alliance Energy LLC, a gasoline distributor and operator
of gasoline stations and convenience stores. In consideration, Global
Partners issued 5,850,000 limited partner units and assumed long-term
debt, subject to post-closing adjustments, of approximately $180 million.
Alliance’s portfolio includes approximately 540 gasoline stations in New
England, New York, New Jersey and Pennsylvania. Alliance owns or has
long-term leases on approximately 253 sites and has supply contracts for
the remaining stations.
In conjunction with the closing, Alliance President Andrew Slifka has
joined Global Partners as President of the Partnership’s service
station, C-store and related supply division. In addition, he will
become a member of the Board of Directors of Global GP LLC in the second
quarter of 2012.
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 and renewable
fuels in the Northeast. The Partnership is one of the largest wholesale
distributors of gasoline (including blendstocks such as ethanol and
naphtha), distillates (such as home heating oil, diesel and kerosene),
residual oil and renewable fuels to wholesalers, retailers and
commercial customers in the New England states and New York. In
addition, the Partnership has a portfolio of approximately 800 gas
stations in nine Northeastern states and is a distributor of natural gas
and crude oil. A FORTUNE 500(R) company, Global Partners 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 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,” “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. Although Global Partners LP
believes these forward-looking statements are reasonable as of and when
made, there may be events in the future that Global Partners LP is not
able to predict accurately or control, and there can be no assurance
that future developments affecting Global Partners LP’s business will be
those that it anticipates. For additional information about risks and
uncertainties that could cause actual results to differ materially from
the expectations Global Partners LP describes in its forward-looking
statements, please refer to Global Partners LP’s Annual Report on Form
10-K for the year ended December 31, 2010 and subsequent filings the
Partnership makes with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made.
Global Partners LP expressly disclaims any obligation or undertaking to
update forward-looking 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