WALTHAM, Mass.--(BUSINESS WIRE)--Jun. 2, 2015--
Global
Partners LP (NYSE: GLP) today announced that it has completed the
acquisition of a portfolio of 97 primarily Mobil- and Exxon-branded
owned or leased retail gas stations and seven dealer supply contracts
from Capitol Petroleum Group. The acquisition includes 51 retail
locations and seven dealer supply accounts in New York City and 46
retail locations in the Maryland/Washington, D.C. market.
The purchase price, subject to closing adjustments, was approximately
$156 million. The Partnership expects the acquisition to be accretive in
the first full year of operations.
“The Capitol portfolio increases our penetration in two important East
Coast markets,” said Eric Slifka, the Partnership’s President and Chief
Executive Officer. “Completing this transaction strengthens our growing
Gasoline Distribution and Station Operations business and further
integrates our midstream and downstream assets.”
About Global Partners LP
A publicly traded master limited partnership, Global is a midstream
logistics and marketing company that owns, controls or has access to one
of the largest terminal networks of petroleum products and renewable
fuels in the Northeast. Global also is one of the largest distributors
of gasoline, distillates, residual oil and renewable fuels to
wholesalers, retailers and commercial customers in New England and New
York. The Partnership is a leader in the transportation of crude oil and
other products by rail across its “virtual pipeline” from the
mid-continental U.S. and Canada to the East and West Coasts for
distribution to refiners and others. With approximately 1,600 locations,
primarily in the Northeast, Global also is one of the largest
independent owners, suppliers and operators of gasoline stations and
convenience stores. Global is No. 146 in the Fortune 500 list of
America’s largest corporations. For additional information, visit www.globalp.com.
Forward-Looking Statements
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,” “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 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 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150602006071/en/
Source: Global Partners LP
Global Partners LP
Daphne H. Foster, 781-894-8800
Chief
Financial Officer
or
Global Partners LP
Edward J.
Faneuil, 781-894-8800
Executive Vice President,
General
Counsel and Secretary