Matrix Announces the Successful Sale of Select Retail Assets of Global Partners LP to an Affiliate of Petroleum Marketing Group, Inc.
RICHMOND, VA / BALTIMORE, MD – April 4, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Global Partners LP (NYSE:GLP) (“Global” or the “Company”) on the sale of select fuel and convenience retail outlets (the “Stores”) to an affiliate of Petroleum Marketing Group, Inc. (“PMG”). The Stores are all located in Connecticut.
The terms of the transaction and sale of the seven select sites were made pursuant to a Federal Trade Commission (“FTC”) consent order in connection with Global’s acquisition of Consumers Petroleum of Connecticut, Inc. (“Consumers”). Under the terms of the proposed consent order, Global and Consumers/Richard Wiehl were required to divest certain sites associated with the Global and Consumers transaction.
Matrix provided merger and acquisition advisory services to Global, which included valuation advisory, marketing the Stores through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, CFA, ASA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group and Stephen Lynch, CFA, CPA, Director.
Mark Cosenza, Senior Vice President of Global, commented, “We appreciate the work and professionalism of Matrix in helping to market and complete the sale of these seven sites as required by the FTC, allowing us to complete the purchase of 26 sites in Connecticut. We are confident the assets will be well managed by PMG.”
Mr. Cavalier remarked, “We are very pleased to have had the opportunity to advise Global and grateful for the trust they placed in us to help settle the FTC issue. Although Global’s involvement with these sites has come to an end, we fully believe these facilities will be in good hands under PMG’s stewardship.”
Hill Wellford and David Smith of Vinson & Elkins LLP served as legal counsel for Global Partners LP.