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Friday, May 27, 2016

Global Partners to sell 31 gasoline stations and convenience stores to Mirabito

Source: Business Review

Global Partners has agreed to sell 31 non-strategic gasoline stations and convenience stores in New York and Pennsylvania to Mirabito Holdings for an undisclosed sum.

As part of the agreement, the companies will also enter into long-term supply contracts for branded and unbranded gasoline and other petroleum products.

Global Partners had acquired the retail assets in January 2015 in connection with the purchase of Warren Equities and its subsidiaries.

The transaction, which is subject to due diligence, is slated to be completed in the third quarter of 2016.

Global Partners president and CEO Eric Slifka said: "The sale of these non-strategic sites reflects our ongoing strategy to streamline our retail portfolio and optimize our assets.

"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."

Global is also a distributor of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York.

The partnership is engaged in the transportation of crude oil and other products by rail from the mid-continental US and Canada to the East and West Coasts for distribution to refiners and others.

The company, with around 1,500 locations, is also an independent owner, supplier and operator of gasoline stations and convenience stores.

The Mirabito Holdings has presence in eight states across multiple divisions, such as natural gas and electric, home energy products and services, wholesale energy products and services, convenience stores and truck repair, reported cspdailynews.com.