US-based energy supply company Global Partners has concluded the purchase of 126 retail fuel and convenience store assets of Champlain Oil for $134m.
The deal, which was signed in May, includes 37 company-operated gas stations operating under Jiffy Mart-branded convenience stores in Vermont and New Hampshire, as well as around 24 fuel sites, including lessee dealer and commission agent locations.
The deal also includes term fuel supply agreements for 65 gas stations, primarily in Vermont and New Hampshire.
Global Partners president and CEO Eric Slifka said: “The completion of this transaction expands our retail portfolio and geographic footprint in New England, and provides additional volume to our strategically located terminals in New York and Vermont.
“We are excited to add the well-established Jiffy Mart brand and co-branding arrangements to our business and to further benefit from economies of scale in the purchase of fuel and convenience store merchandise.
“We look forward to building upon these premier assets and welcome our new associates to the Global team.”
The 126 convenience stores offer major fuel brands such as Mobil, Shell, Citgo, Sunoco and Irving.
The transaction is subject to post-closing adjustments and is expected to be accretive within the first full year of operations.
Global Partners owns and operates a network of 1,500 locations, including gasoline stations and convenience stores, while it offers a wide range of petroleum products and renewable fuels in the North East, including New England and New York.