Global Partners LP (NYSE: GLP) and ExxonMobil have signed an agreement to acquire 64 Houston-area convenience and fueling facilities from the Landmark Group. The deal is subject to regulatory clearance and the satisfaction of closing conditions and is expected to be completed in the second quarter of 2023.
If approved, the assets would be purchased under the joint venture, Spring Partners Retail LLC, and Global would act as the management company and operator.
Global has a long-proven track record of acquiring, integrating, optimizing, and operating assets as demonstrated by their growth and performance in the Northeast and mid-Atlantic.
In calendar year 2022, Global acquired 120 retail assets across the Northeast and mid-Atlantic, through a mix of company operated retail stores and dealer supply agreements. This latest deal leverages the company’s strategic advantage, relationships and operating excellence to expand outside its current footprint into the Houston, Texas market. Global plans to retain and welcome existing site and above-site employees.
"This acquisition is another example of our commitment to investing in growing markets where we have strategic advantages and where we can deliver value to guests and shareholders," said Eric Slifka, CEO. "We’re extremely excited to expand into the Texas market. We look forward to serving our Houston area guests and communities with our signature focus on quality food and guest experience."
About Global Partners LP
With approximately 1,700 locations throughout the Northeast and mid-Atlantic, Global is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience markets. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers.
Share this:
