Global Partners to Acquire Gas Stations for $156 Million

   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.

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