WALTHAM, Mass.--(BUSINESS WIRE)--May 26, 2016--
Global Partners LP (NYSE: GLP) today announced that, through a wholly
owned subsidiary, it has entered into a Purchase and Sale Agreement with
Mirabito Holdings, Inc. of Binghamton, NY to sell to Mirabito 31
non-strategic gasoline stations and convenience stores located in New
York and Pennsylvania. In addition, the parties will enter into
long-term supply contracts for branded and unbranded gasoline and other
petroleum products. The retail assets were acquired by the Partnership
in January 2015 in connection with the purchase of Warren Equities, Inc.
and its subsidiaries. Subject to customary due diligence, the
transaction is expected to close in the third quarter of 2016.
“The sale of these non-strategic sites reflects our ongoing strategy to
streamline our retail portfolio and optimize our assets,” said Eric
Slifka, president and CEO of Global Partners. “This transaction,
together with our previously announced plan to sell non-strategic retail
locations in the Northeast and Mid-Atlantic through NRC Realty & Capital
Advisors, is part of the approximately 125-site strategic divestiture
program we outlined to investors earlier this year.”
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 engaged in the transportation of crude oil and
other products by rail from the mid-continental U.S. and Canada to the
East and West Coasts for distribution to refiners and others. With
approximately 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. 180 in the
Fortune 500 list of America’s largest corporations. For additional
information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute
“forward-looking statements.” The words “believe,” “expect,”
“anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or
other similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature. These
forward-looking statements are based on our current expectations and
beliefs concerning future developments and their potential effect on us.
While management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate. All comments
concerning our expectations for future revenues and operating results
are based on our forecasts for our existing operations and do not
include the potential impact of any future acquisitions. Our
forward-looking statements involve significant risks and uncertainties
(some of which are beyond our control) and assumptions that could cause
actual results to differ materially from our historical experience and
our present expectations or projections.
For additional information regarding known material factors that could
cause our actual results to differ from our projected results, please
see our filings with the SEC, including our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to publicly update or revise any forward-looking statements
after the date they are made, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160526005127/en/
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