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Friday, May 27, 2016

Mirabito Enters Into Agreement To Acquire 31 Convenience Stores

Source: Professional Carwashing & Detailing
By Staff

BINGHAMTON, N.Y. — Mirabito Holdings Inc. has entered into an acquisition agreement with Global Partners LP, according to CSP.

The agreement includes the acquisition of 31 gas stations and convenience stores from Global Partners, stated the article, with 26 located in New York and five in Pennsylvania.

“We continue to look for opportunities to strengthen our brand,” said Joseph P. Mirabito, president and CEO of the Mirabito Family of Cos., in the article. “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.”

In connection with the purchase of Warren Equities Inc., continued the article, Global Partners is divesting a group of “nonstrategic” sites the company acquired in January 2015.

The acquisition, reported the article, included 53 commission agent locations, 147 company operated Xtra Mart c-stores and related fuel operations, and fuel supply rights for around 320 dealers located in Connecticut, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island 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, in the article. “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.”

Global Partners and Mirabito will enter into long-term supply contracts for unbranded and branded gasoline and other petroleum products, added the article, in addition to the acquisition of the 31 sites.

Subject to customary due diligence, informed the article, the two companies reported that they expect the transaction to close in the third quarter of 2016.

Global Partners, a midstream logistics and marketing company, is “one of the largest independent owners, suppliers and operators of gas stations and c-stores” with about 1,500 sites primarily located in the Northeast, stated the article.

The Mirabito Family of Cos. operates approximately 75 c-stores under the Convenience Express, Manley’s Mighty-Mart, Mirabito and Quickway Food Stores names, noted the article.