American energy supply company Global Partners has completed the sale of 30 non-strategic gasoline stations and convenience stores in New York and Pennsylvania to Mirabito Holdings for approximately $40m.
The transaction includes long-term supply contracts for branded and unbranded gasoline and other petroleum products.
Global Partners president and chief executive officer Eric Slifka said: “The Mirabito transaction reflects our ongoing focus on monetising non-strategic retail sites to further strengthen our balance sheet, and provide additional flexibility to invest in assets that are fundamental to our growth objectives.
“At the same time, establishing long-term supply agreements with the purchaser allows us to continue to earn a supply margin.”
Nearly $28m of the proceeds were used to reduce debt under the partnership’s revolving credit facility, and the remainder will be available for pursuing like-kind exchange transactions to acquire retail gasoline assets.
Global Partners is a logistics and marketing company, which owns and controls one of the largest terminal networks of petroleum products and renewable fuels in the Northeast.
The company also distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York.
It is claimed to be one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores.