Dive Brief:
- Global Partners LP, one of the Northeast and mid-Atlantic’s largest independent owners, suppliers and operators of gas stations and convenience stores, acquired all 15 c-stores from Southeast Virginia-based chain Tidewater Convenience Wednesday for an undisclosed amount, according to a news release.
- The acquisition grows Global Partners’ footprint in Virginia, which the company first expanded to earlier this year.
- This marks the third acquisition this year for Global Partners, which plans to continue adding more stores to its vertically integrated network, said Mark Cosenza, Global Partners’ SVP of gasoline, distribution and station operations, in the announcement.
Dive Insight:
Virginia is a key market that complements Global Partners’ existing portfolio, Cosenza said in the statement. The company first arrived in Virginia in February of this year when it acquired 23 c-stores and fuel supply agreements with 34 sites from Miller’s Neighborhood Market.
A month earlier, Global Partners purchased 26 company-operated Wheels branded c-stores in Connecticut, as well as fuel supply agreements with 22 sites in Connecticut and New York, from Consumers Petroleum of Connecticut.
Matrix Capital Markets Group, an independent, advisory-focused, privately-held investment bank, served as Tidewater’s financial advisor in the deal. Matrix also advised Global Partners earlier this year when the c-store company sold a select number of fuel and retail outlets in Connecticut to an affiliate of Petroleum Marketing Group.
Waltham, Massachusetts-based Global Partners operates more than 1,700 c-stores under a variety of banners, such as Alltown Fresh, Alltown Markets, XtraMart, Honey Markets, and Jiffy Mart. Global Partners 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.
