Last updated on June 3rd, 2015 at 04:16 pm
Global Partners of Waltham, Massachusetts, 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 Capitol portfolio increases our penetration in two important East Coast markets,” said Eric Slifka, Global Partners president and CEO. “Completing this transaction strengthens our growing gasoline distribution and station operations business and further integrates our midstream and downstream assets.”
Global Partners 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.
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 Partners recently purchased Drake Petroleum and Xtramart convenience stores.