US-based Global Partners has signed an agreement with convenience store chain Champlain Oil to acquire 61 retail fuel and convenience store assets.
As part of the deal, Global Partners will buy 37 company-operated gas stations with Jiffy Mart-branded convenience stores in Vermont and New Hampshire, as well as approximately 24 owned and leased fuel sites, including lessee dealer and commission agent locations.
"We are very excited about adding retail facilities to our portfolio and expect the transaction to be accretive within the first full year of operations." Global Partners president and CEO Eric Slifka said: “Building on our skill as a strategic acquirer, this acquisition is an excellent fit for Global, expanding our retail business into Vermont and growing our presence in New Hampshire.
“Jiffy Mart is an established brand with locations along high-traffic routes throughout northern New England. The acquisition benefits from our vertically integrated model, providing additional volume to our strategically situated terminals including those in Burlington, Vermont and Albany, New York.
“We are very excited about adding retail facilities to our portfolio and expect the transaction to be accretive within the first full year of operations.” The deal also covers fuel supply agreements for approximately 70 gas stations in Vermont and New Hampshire that offer fuel from major brands, including Mobil, Shell, Citgo, Sunoco and Irving.
The transaction is subject to regulatory approvals and other customary closing conditions. It is scheduled to complete during the third quarter this year.
Global Partners owns and operates a network of 1,500 locations, including gasoline stations and convenience stores and offers a wide range of petroleum products and renewable fuels in the Northeast, including New England and New York.