GP completes acquisition of retail portfolio from CPG
Global Partners LP has completed the acquisition of a portfolio of 97 primarily Mobil- and Exxon-branded owned or leased retail gas stations and seven dealer supply contracts from Capitol Petroleum Group. The acquisition includes 51 retail locations and seven dealer supply accounts in New York City and 46 retail locations in the Maryland/Washington, D.C. market.
The purchase price, subject to closing adjustments, was approximately US$156 million. The Partnership expects the acquisition to be accretive in the first full year of operations.
“The Capitol portfolio increases our penetration in two important East Coast markets,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Completing this transaction strengthens our growing Gasoline Distribution and Station Operations business and further integrates our midstream and downstream assets.”
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/03062015/gp-completes-acquisition-of-retail-portfolio-from-cpg/
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