Global Partners to acquire 64 Timewise c-stores in Houston

Dive Brief:

Convenience and fuel retailer Global Partners LP has agreed to acquire 64 Timewise c-store and fueling facilities in Houston from Texas-based retailer Landmark Industries, according to a Wednesday announcement.
The deal is expected to close in the second quarter of 2023. If approved, the assets would be purchased under a joint venture between Global and ExxonMobil called Spring Partners Retail LLC, with Global acting as the management company and operator, according to the announcement.
Although Global supplies fuel to a few locations in the Houston market, this latest move will be its first foray with c-stores in the region, as most of its company-operated locations are primarily in the Northeast and mid-Atlantic, according to the announcement.

Dive Insight:

After selling 248 of its company-owned fuel and c-store sites to Shell in late 2021, Landmark has officially sold the rest of its locations through its latest deal with Global and ExxonMobil. According to the company’s website, it had 64 sites left in its network prior to this agreement.

For Global, the deal is its fourth acquisition since the start of 2022 as the retailer continues to grow its company-operated footprint. In January 2022, the retailer acquired 26 Wheels-branded c-stores in Connecticut from Consumers Petroleum of Connecticut. A month later, it purchased 23 c-stores in Virginia from Miller’s Neighborhood Market in February. And in September, Global acquired all 15 c-stores from Southeast Virginia-based chain Tidewater Convenience.

Global plans to retain current Timewise and Landmark employees upon closing its latest acquisition, according to the announcement.

“We’re extremely excited to expand into the Texas market,” Eric Slifka, CEO of Global Partners, said in the announcement. “We look forward to serving our Houston area guests and communities with our signature focus on quality food and guest experience.”

Waltham, Massachusetts-based Global Partners supplies fuel to more than 1,700 locations nationwide, and operates more than 350 c-stores under a variety of banners, such as Alltown Fresh, Alltown Markets XtraMart, Honey Markets, and Jiffy Mart.