Exhibit 99.1
Global Partners Completes Acquisition of Retail Gasoline Stations from Exxon Mobil Corporation
Partnership Finalizes Purchase of 42 Company-Operated Mobil Stations in New England
WALTHAM, Mass.--(BUSINESS WIRE)--October 1, 2010--Global Partners LP (NYSE: GLP), one of the largest wholesale distributors of gasoline, distillates and residual oil in the New England states and New York, today announced that it has completed the final phase of its acquisition of Mobil-branded retail gas stations and fuel supply rights in Massachusetts, New Hampshire and Rhode Island.
The Partnership has closed on the purchase of 42 Mobil-branded stations directly operated by Exxon Mobil Corporation. Earlier this month, the Partnership completed the acquisition of 148 dealer-operated Mobil stations, as well as gasoline and diesel supply rights for an additional 31 Mobil stations owned and operated by independent Mobil dealers. Global Partners has outsourced the day-to-day management and operations of these 221 locations to Alliance Energy LLC, an experienced retail operator. Alliance is approximately 95 percent owned by members of the Slifka family, who also own the General Partner of the Partnership.
“Today marks an exciting new chapter for Global Partners,” said Eric Slifka, President and Chief Executive Officer. “We are pleased to have completed this transaction ahead of schedule. The acquisition of these premier stations and supply rights creates significant new year-round income for the Partnership, increasing our overall earnings power.”
Of the 221 stations involved in the transaction, 179 are located in Massachusetts, 22 in Rhode Island and 20 in New Hampshire. The stations sold approximately 370 million gallons of gasoline and diesel fuel in 2009. All of the stations will continue to operate under the Mobil brand as part of a long-term branding agreement between ExxonMobil and Global Partners.
Global Partners financed the acquisition with borrowings under its four-year, $1.15 billion senior secured credit facility.
About Global Partners LP
Global Partners LP, a publicly traded master limited partnership based in Waltham, Massachusetts, owns, controls or has access to one of the largest terminal networks of refined petroleum products in the Northeast. The Partnership is one of the largest wholesale distributors of gasoline, distillates (such as home heating oil, diesel and kerosene) and residual oil to wholesalers, retailers and commercial customers in the New England states and New York. Global Partners LP, a FORTUNE 500® company, trades on the New York Stock Exchange under the ticker symbol "GLP." For additional information, please visit www.globalp.com.
Forward-looking Statements
Some of the information contained in this news release may contain forward-looking statements. Forward-looking statements do not relate strictly to historical or current facts and include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “may, ” “believe,” “should,” “could,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “foresee,” “continue,” “will likely result,” or other similar expressions. In addition, any statement made by Global Partners LP’s management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Global Partners LP or its subsidiaries are also forward-looking statements. Forward-looking statements are not guarantees of performance. Although Global Partners LP believes these forward-looking statements are based on reasonable assumptions, statements made regarding future results are subject to a number of assumptions, uncertainties and risks, many of which are beyond the control of Global Partners LP, which may cause future results to be materially different from the results stated or implied in this news release. For additional information about risks and uncertainties that could cause actual results to differ materially from forward-looking statements, please refer to Global Partners LP’s Annual Report on Form 10-K for the year ended December 31, 2009, Quarterly Report on Form 10-Q for the period ended June 30, 2010 and subsequent filings the Partnership makes with the Securities and Exchange Commission. Developments in any of these areas could cause Global Partners LP’s results to differ materially from results that have been or may be anticipated or projected. All forward-looking statements included in this news release and all subsequent written or oral forward-looking statements attributable to Global Partners LP or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date of this news release or, in the case of forward-looking statements, contained in any document incorporated by reference, the date of such document, and Global Partners LP expressly disclaims any obligation or undertaking to update these statements to reflect any change in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.
CONTACT:
Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and
Chief Financial Officer
or
Global Partners LP
Edward J. Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary
