By Tess Stynes
Global Partners LP (GLP) agreed to acquire a portfolio of gas
stations and dealer supply contracts from Capitol Petroleum Group
for $156 million.
Under the deal, expected to close in the current quarter, Global
Partners gains 51 retail locations and seven dealer supply accounts
in New York City and 46 retail locations in the
Maryland/Washington, D.C., market.
Global Partners Chief Executive Eric Slifka stated in a news
release Tuesday that the deal expands the master-limited
partnership's "asset footprint in two of the nation's most
attractive markets."
The acquisition also will provide a stable rental revenue stream
and gross margin, and enhances the consistency of Global's overall
operating results while driving higher volumes through its network,
Mr. Slifka said.
Northeast-focused Global Partners, which owns, supplies and
operates gasoline stations and convenience stores, has been
acquisitive lately. In January, it acquired a terminal in Boston
Harbor for $23.65 million and completed its purchase of petroleum
marketer Warren Equities Inc., which included 147 company-operated
Xtra Mart convenience stores and related fuel operations.
Write to Tess Stynes at tess.stynes@wsj.com
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