WALTHAM, Mass.--(BUSINESS WIRE)--Jan. 8, 2015--
Global
Partners LP (NYSE: GLP) today announced that it has completed the
acquisition of independent petroleum marketer Warren Equities, Inc. from
The Warren Alpert Foundation. The acquisition includes 147
company-operated Xtra Mart convenience stores and related fuel
operations, 53 commission agent locations and fuel supply rights for
approximately 320 dealers. The acquired properties are located in
Massachusetts, Connecticut, Maine, New Hampshire, New York, Rhode
Island, New Jersey, Pennsylvania, Maryland and Virginia.
The purchase price, subject to post-closing adjustments, was
approximately $387 million, including working capital. The Partnership
expects the acquisition to be accretive in the first full year of
operations and to generate EBITDA of between $50 million and $60 million
in the second full year of operations.
“By increasing our footprint in the Northeast and broadening our
presence to the mid-Atlantic, the Warren platform provides significant
opportunities to drive additional volumes and profitability through our
network,” said Eric Slifka, the Partnership’s President and Chief
Executive Officer. “The completion of this transaction further
strengthens our growing retail business with its stable rental income
and recurring convenience store margins. We look forward to welcoming
the Warren Equities’ employees to our team.”
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 nearly 1,500 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.
###
Source: Global Partners LP
Global Partners LP
Daphne H. Foster, 781-894-8800
Chief
Financial Officer
or
Edward J. Faneuil, 781-894-8800
Executive
Vice President,
General Counsel and Secretary