Global Partners Announces Plan to Expand Retail Operations into the Houston Market
29 März 2023 - 10:05PM
Business Wire
Global would operate the 64 sites being
acquired under a joint venture
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. In addition, Global engages in the transportation of
petroleum products and renewable fuels by rail from the
mid-continental U.S. and Canada. For additional information, visit
www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may
constitute “forward-looking statements.” The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,”
“would,” “could” or other similar expressions are intended to
identify forward-looking statements, which are generally not
historical in nature, although not all forward-looking statements
contain such identifying words. These forward-looking statements
are based on Global’s current expectations and beliefs concerning
future developments and their potential effect on the Partnership.
While management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting the Partnership will be those that it
anticipates. Forward-looking statements involve significant risks
and uncertainties (some of which are beyond the Partnership’s
control) including, without limitation, uncertainty around the
timing of an economic recovery in the United States which will
impact the demand for the products we sell and the services that we
provide, and assumptions that could cause actual results to differ
materially from the Partnership’s historical experience and present
expectations or projections.
For additional information regarding known material factors that
could cause actual results to differ from the Partnership’s
projected results, please see Global’s filings with the SEC,
including its Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
Global undertakes no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230329005829/en/
Investor Relations Gregory B. Hanson Chief Financial Officer
Global Partners LP (781) 894-8800
Media Catie Kerns SVP, Corporate Affairs and Sustainability
Global Partners LP (781) 894-8800
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