Spring Partners

Mar 30, 2023

The convenience retailer will act as management company and operator of Spring Partners Retail LLC. Image WALTHAM, Mass. — Global Partners LP will soon arrive in Houston. Through a joint venture with ExxonMobil, the convenience retailer signed an agreement to acquire 64 Houston-area convenience stores and fueling facilities from the Landmark Group. If approved, the assets will be purchased under the joint venture Spring Partners Retail LLC, with Global Partners acting as the management company and operator. The deal is subject to regulatory clearance and the satisfaction of closing conditions. It is expected to be completed in the second quarter of 2023. "This acquisition is another example of our commitment to investing in growing markets where we have strategic advantages and where we can deliver value to guests and shareholders," said Eric Slifka, Global Partners CEO. "We're extremely excited to expand into the Texas market. We look forward to serving our Houston area guests and communities with our signature focus on quality food and guest experience." Global Partners' long-proven track record of acquiring, integrating, optimizing and operating assets is demonstrated by its growth and performance in the Northeast and mid-Atlantic, the company previously said. In 2022, Global acquired 120 retail assets across these regions through a mix of company-operated retail stores and dealer supply agreements. The deal with ExxonMobil leverages Global Partners' strategic advantage, relationships and operating excellence to expand outside its current footprint into the Houston market, the company added. Global Partners plans to retain and welcome existing site and above-site employees. With approximately 1,700 locations primarily in the Northeast, Waltham-based Global Partners is one of the region's largest independent owners, suppliers and operators of gasoline stations and convenience stores. 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 Partners engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental United States and Canada.