COCO sells Vermont and NH Jiffy Marts for $134 million

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COCO sells Vermont and NH Jiffy Marts for $134 million

Thu, 07/19/2018 - 10:16am -- tim

Vermont Business Magazine Global Partners LP (NYSE: GLP), based in Waltham, MA, announced on Wednesday that it has completed the acquisition of retail fuel and convenience store assets of Vermont-based Champlain Oil Company, Inc. The acquisition includes 37 company-operated gas stations with Jiffy Mart-branded convenience stores in Vermont and New Hampshire, and approximately 24 fuel sites that are either owned or leased including lessee dealer and commission agent locations. The transaction also includes term fuel supply agreements for approximately 65 gas stations, primarily in Vermont and New Hampshire. The 126 stations primarily market major fuel brands such as Mobil, Shell, Citgo, Sunoco and Irving. The purchase price, excluding inventory, was approximately $134 million, subject to post-closing adjustments. The transaction is expected to be accretive within the first full year of operations.

“The completion of this transaction expands our retail portfolio and geographic footprint in New England and provides additional volume to our strategically located terminals in New York and Vermont,” said Eric Slifka, Global Partners President and CEO. “We are excited to add the well-established Jiffy Mart brand and co-branding arrangements to our business and to further benefit from economies of scale in the purchase of fuel and convenience store merchandise. We look forward to building upon these premier assets and welcome our new associates to the Global team.”

In May, Global announced it would purchase 10 company-operated gas stations and convenience stores from New Hampshire-based Cheshire Oil Company, LLC.

The Cheshire portfolio has nine stores in New Hampshire and one in Brattleboro, Vermont. All of the locations are branded T-Bird Mini Marts and market Citgo fuel. The purchase is expected to close in the third quarter of 2018 and is subject to customary closing conditions.

For 2017, Global reported annual sales $8.9 billion. Volume for the fourth quarter of 2017 was 1.2 billion gallons compared with 1.3 billion gallons in the same period of 2016. Global acquired convenience store chain Honey Farms Inc (Worcester, MA-area) for $36 million last October.

About Global Partners LP

Global Partners is a midstream logistics and marketing master limited partnership that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. With approximately 1,500 locations, primarily in the Northeast, Global is one of the largest regional independent owners, suppliers and operators of gasoline stations and convenience stores. Global is also 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 also engaged in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. For additional information, visit www.globalp.com.

Source: WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP 7.18.2018