Thursday, May 26, 2016
Mirabito Acquiring 31 C-Stores From Global Partners
Source: CSP Daily News
BINGHAMTON, N.Y. -- Mirabito Holdings Inc. has entered into an agreement with Global Partners LP to acquire 31 gas stations and convenience stores, 26 in New York and five in Pennsylvania, from Global Partners.
“We continue to look for opportunities to strengthen our brand,” said Joseph P. Mirabito, president and CEO of the Mirabito Family of Cos. “This acquisition reinforces our current footprint while allowing us new opportunities. We’re extremely grateful to all our associates who continue to make a difference to our customers and we look forward to serving in these new locations, shortly.”
Global Partners is divesting a group of “nonstrategic” sites it acquired in January 2015 in connection with the purchase of Warren Equities Inc.
That deal included 147 company-operated Xtra Mart convenience stores and related fuel operations, 53 commission agent locations and fuel supply rights for about 320 dealers located in Massachusetts, Connecticut, Maine, New Hampshire, New York, Rhode Island, New Jersey, Pennsylvania, Maryland and Virginia.
“The sale of these nonstrategic 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 nonstrategic 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.”
As reported in a McLane Co./CSP Daily News Flash, in addition to the transaction for the 31 sites, Global Partners and Mirabito will enter into long-term supply contracts for branded and unbranded gasoline and other petroleum products.
The companies said they expect the transaction to close in the third quarter of 2016, subject to customary due diligence.
Waltham, Mass.-based 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. It 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 company is engaged in the transportation of crude oil and other products by rail from the midcontinental United States and Canada to the East and West coasts for distribution to refiners and others. With approximately 1,500 locations, primarily in the Northeast, Global Partners is one of the largest independent owners, suppliers and operators of gas stations and convenience stores.
The Mirabito Family of Cos. operates in eight states with multiple divisions, including natural gas and electric, home energy products and services, wholesale energy products and services, convenience stores and truck repair. The Binghampton, N.Y.-based company operates approximately 75 convenience stores under the Mirabito, Quickway Food Stores, Convenience Express and Manley’s Mighty-Mart names.