Global Partners of Waltham, Massachusetts, has completed the previously announced sale of 30 “non-strategic” gas stations and convenience stores in New York and Pennsylvania to Mirabito Holdings for nearly $40 million.
The transaction includes long-term supply contracts for branded and unbranded gasoline and other petroleum products.
According to Global Partners, $28 million of the proceeds will be used to pay down debt and the balance will be available to pursue retail gasoline assets.
“The Mirabito transaction reflects our ongoing focus on monetizing non-strategic retail sites to further strengthen our balance sheet and provide additional flexibility to invest in assets that are fundamental to our growth objectives,” said Global Partners President and CEO Eric Slifka. “At the same time, establishing long-term supply agreements with the purchaser allows us to continue to earn a supply margin.”