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Global Partners to Acquire Retail Fuel and Convenience Store Assets

Source: www.gulfoilandgas.com 12/14/2020, Location: North America

Global Partners LP announced the signing of an agreement to purchase the retail fuel and convenience store assets of Connecticut-based Consumers Petroleum of Connecticut, Incorporated.

“Building on our history of successful strategic acquisitions, the pending purchase of Wheels is an excellent fit for Global, and expands our retail business in Connecticut,” said Global Partners President and CEO Eric Slifka. “The team at Consumers Petroleum has built an impressive brand, with locations along high-traffic routes throughout Connecticut. We are excited about adding these facilities to our portfolio and expect the transaction to be accretive within the first full year of operations.”

The acquisition includes 27 company-operated gas stations with “Wheels”-branded convenience stores in Connecticut. The transaction also includes fuel supply agreements for approximately 25 gas stations located in Connecticut and New York. The stations market fuel under the Citgo and Sunoco brands.

“We are very proud of what we have accomplished and the business we have grown over three generations,” said Richard Wiehl, Chairman of Consumers Petroleum/Wheels of CT, Inc. “We are excited to see how Global will continue to grow and improve the Wheels assets and feel that we are leaving the company in good hands.”

The purchase is expected to close in the first half of 2021, subject to regulatory approvals and other customary closing conditions.

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