Mirabito to acquire 31 convenience stores and gas stations from Global Partners

26 May 2016 (Last Updated May 26th, 2016 18:30)

US-based Mirabito has signed an agreement to acquire 31 convenience stores and gas stations from Global Partners.

US-based Mirabito has signed an agreement to acquire 31 convenience stores and gas stations from Global Partners.

Financial terms of the agreement have not been disclosed.

The deal is expected to close in the third quarter of this year.

Both the companies will also sign long-term supply contracts for branded and unbranded gasoline and other petroleum products.

"The sale of these non-strategic sites reflects our ongoing strategy to streamline our retail portfolio and optimise our assets."

Based in Waltham, Global Partners purchased the 31 outlets in New York and Pennsylvania under the Xtra Mart brand, when it acquired Warren Equities last January.

With around 1,500 locations, it is a leading owner, supplier and operator of gasoline stations and convenience stores.

Global Partners president and CEO Eric Slifka said: "The sale of these non-strategic sites reflects our ongoing strategy to streamline our retail portfolio and optimise our assets.

"This transaction, together with our previously announced plan to sell non-strategic retail locations in the North-East and Mid-Atlantic through NRC Realty & Capital Advisors, is part of the approximately 125-site strategic divestiture programme we outlined to investors earlier this year."

Founded in 1927, Mirabito Holdings is based in Binghamton, New York.