Thursday, May 26, 2016
Mirabito Picks Up 31 Sites From Global Partners
Source: Convenience Store News
WALTHAM, Mass. — Global Partners LP will sell 31 convenience stores and gas stations in New York and Pennsylvania to Binghamton, N.Y.-based Mirabito Holdings Inc. The transaction is expected to close in the third quarter of this year.
The companies also announced they will enter into long-term supply contracts for branded and unbranded gasoline and other petroleum products.
Waltham-based Global Partners acquired the 31 c-stores, branded under the Xtra Mart banner, when it purchased Warren Equities Inc. in January 2015. Eric Slifka, president and CEO of the master limited partnership (MLP), previously stated Global Partners plans to sell a total of 125 c-stores by the end of this calendar year. Eighty-six sites were quickly put up for sale, for which the company hopes to receive $100 million in compensation.
Terms of the Mirabito-Global Partners deal were not announced.
Mirabito currently operates 74 convenience stores in central New York. Once the deal is completed, it will surpass the century mark, operating 105 c-stores in two states.
“The sale of these non-strategic sites reflects our ongoing strategy to streamline our retail portfolio and optimize our assets,” Slifka said regarding the 31-store Mirabito deal. “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.”
On May 10, CSNews Online reported Global Partners had received "significant interest from prospective buyers" for the East Coast retail locations it put up for sale.
Global Partners LP owns, supplies and operates approximately 1,500 c-stores and gas stations, primarily in the Northeast. It also owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast.