Global Partners LP announced the signing of an agreement to purchase 10 company-operated gas stations and convenience stores from New Hampshire-based Cheshire Oil Company, LLC.
The Cheshire portfolio has nine stores in New Hampshire and one in Brattleboro, Vermont. All of the locations are branded T-Bird Mini Marts and market Citgo fuel. The purchase is expected to close in the third quarter of 2018 and is subject to customary closing conditions.
“This acquisition expands our retail presence in New Hampshire and benefits from economies of scale in the purchase of fuel and convenience store merchandise,” said Global Partners President and CEO Eric Slifka. “In addition to our recently announced agreement to acquire the retail fuel and convenience store assets of Champlain Oil Company in Vermont and New Hampshire, the Cheshire transaction reflects our strategic focus on making complementary acquisitions in markets that leverage our terminal assets, enhance synergies and expand our retail footprint.”
Global expects the acquisition to be accretive in the first full year of operations.