Fuels Market News - Global Partners Completes Acquisition of Retail Fuel and Jiffy Mart Convenience Store Assets in Vermont and New Hampshire from Champlain Oil Company
Global Partners LP announced that it has completed the acquisition of retail fuel and convenience store assets of Vermont-based Champlain Oil Company, Inc.
The acquisition includes 37 company-operated gas stations with Jiffy Mart-branded convenience stores in Vermont and New Hampshire, and approximately 24 fuel sites that are either owned or leased including lessee dealer and commission agent locations. The transaction also includes term fuel supply agreements for approximately 65 gas stations, primarily in Vermont and New Hampshire. The 126 stations primarily market major fuel brands such as Mobil, Shell, Citgo, Sunoco and Irving.
The purchase price, excluding inventory, was approximately $134 million, subject to post-closing adjustments. The transaction is expected to be accretive within the first full year of operations.
“The completion of this transaction expands our retail portfolio and geographic footprint in New England and provides additional volume to our strategically located terminals in New York and Vermont,” said Eric Slifka, Global Partners President and CEO. “We are excited to add the well-established Jiffy Mart brand and co-branding arrangements to our business and to further benefit from economies of scale in the purchase of fuel and convenience store merchandise. We look forward to building upon these premier assets and welcome our new associates to the Global team.”
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