US: Global Partners completes acquisition deal with Mirabito

Logistics and marketing firm Global Partners LP completed the sale of 30 non-strategic gasoline stations and convenience stores in New York and Pennsylvania to Mirabito Holdings, Inc.

The $40 million deal includes long-term supply contracts of gasoline and petroleum products.

“Establishing long-term supply agreements with the purchaser allows us to continue to earn a supply margin,” said Global President and Chief Executive Officer Eric Slifka in a company release.

As previously reported, Global Partners, one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores in the Northeast, had put on sale around 125 retail sites in line with its strategy of streamlining and optimizing its assets.

“The Mirabito transaction reflects our ongoing focus on monetizing 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,” said Slifka.

The Mirabito Family of Cos. operates in eight states with multiple divisions including, natural gas and electric, home energy products and services, wholesale energy products and services, convenience stores and truck repair.