Global Partners LP Completes Acquisition of 25 Liquid Energy Terminals from Motiva Enterprises LLC
21 Décembre 2023 - 10:05PM
Business Wire
Purchased for $305.8 million and supported by a
25-year guaranteed take-or-pay throughput agreement, the assets
access a critical pipeline and marine network and significantly
increase Global’s operating footprint
Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”)
today announced the completion of its previously announced
acquisition of 25 liquid energy terminals from Motiva Enterprises
LLC (“Motiva”). The transaction is underpinned by a 25-year
take-or-pay throughput agreement with Motiva, the anchor tenant at
the terminals, that includes minimum annual revenue
commitments.
“This acquisition nearly doubles our operating footprint, giving
Global a significant position from Maine to Florida and into the
Gulf Coast,” said Eric Slifka, the Partnership’s President and
Chief Executive Officer. “The addition of these terminals supports
the growth of our integrated supply, storage and retail network in
rapidly growing areas of the country—Florida, Georgia, Texas and
the Carolinas—providing customers with gasoline, diesel and other
liquid fuels essential to their daily lives.”
With the newly acquired locations, Global now owns or leases 49
liquid energy terminals in the United States, totaling
approximately 18.3 million barrels in shell capacity. The new
assets expand access to a critical network of marine loading
facilities as well as the Colonial, Plantation, Enterprise,
Explorer and Magellan refined product pipelines.
Slifka continued, “This purchase marks a significant milestone
in Global’s 90-year history and highlights our strategy to acquire
and invest in assets where we can leverage our core strengths. We
look forward to broadening our network for existing customers and
serving new customers with our high level personal service and
reliability.”
The terminals, purchased for $305.8 million in cash, represent
an expected EBITDA multiple below 7.0x in the second year of
ownership.
About Global Partners LP
With approximately 1,700 locations primarily in the Northeast,
Global Partners is one of the region’s largest independent owners,
suppliers and operators of fueling stations and convenience
markets. Global also owns, controls or has access to one of the
largest terminal networks in New England and New York, through
which it distributes gasoline, distillates, residual oil and
renewable fuels to wholesalers, retailers and commercial customers.
In addition, Global engages in the transportation of petroleum
products and renewable fuels by rail from the mid-continental U.S.
and Canada. Global, a master limited partnership, trades on the New
York Stock Exchange under the ticker symbol “GLP.” For additional
information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may
constitute “forward-looking statements.” The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,”
“would,” “could” or other similar expressions are intended to
identify forward-looking statements, which are generally not
historical in nature, although not all forward-looking statements
contain such identifying words. These forward-looking statements
are based on Global’s current expectations and beliefs concerning
future developments and their potential effect on the Partnership.
While management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting the Partnership will be those that it
anticipates. Forward-looking statements involve significant risks
and uncertainties (some of which are beyond the Partnership’s
control) including, without limitation, uncertainty around the
timing of an economic recovery in the United States which will
impact the demand for the products we sell and the services that we
provide, and assumptions that could cause actual results to differ
materially from the Partnership’s historical experience and present
expectations or projections. We believe these assumptions are
reasonable given currently available information. Our assumptions
and future performance are subject to a wide range of business
risks, uncertainties and factors, which are described in our
filings with the Securities and Exchange Commission (SEC).
For additional information regarding known material factors that
could cause actual results to differ from the Partnership’s
projected results, please see Global’s filings with the SEC,
including its Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
Global undertakes no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231221607612/en/
Investors: Gregory B. Hanson Chief Financial Officer Global
Partners LP (781) 894-8800 GLP@investorrelations.com
Media: Catie Kerns SVP Corporate Affairs and Sustainability
Global Partners LP (781) 894-8800 media@globalp.com
Global Partners (NYSE:GLP)
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