US-based energy supply company Global Partners has signed an agreement to purchase key retail fuel and convenience store assets of Connecticut-based Consumers Petroleum.
The financial details of the transaction were not disclosed.
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As agreed, Global Partners will acquire 27 Consumers Petroleum-operated gas stations with ‘Wheels’ branded convenience stores in Connecticut.
It will also acquire fuel supply agreements for approximately 25 gas stations in Connecticut and New York, which sell fuel under the Citgo and Sunoco brands.
Global Partners president and CEO Eric Slifka said: “Building on our history of successful strategic acquisitions, the pending purchase of Wheels is an excellent fit for Global and expands our retail business in Connecticut.
“The team at Consumers Petroleum has built an impressive brand with locations along high-traffic routes throughout Connecticut. We are excited about adding these facilities to our portfolio and expect the transaction to be accretive within the first full year of operations.”
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By GlobalDataConsumers Petroleum / Wheels chairman Richard Wiehl said: “We are very proud of what we have accomplished and the business we have grown over three generations.
“We are excited to see how Global will continue to grow and improve the Wheels assets and feel that we are leaving the company in good hands.”
The deal is expected to close in the first half of next year, subject to regulatory approvals and other customary closing conditions.
As an energy supply company, Global Partners has approximately 1,550 locations primarily in the Northeast.
