Global Partners LP (NYSE: GLP) is buying Warren Equities Inc. from the Warren Alpert Foundation for $383 million.
Warren Equities markets petroleum products in the northeast U.S. the company, headquartered in Providence, Rhode Island, sells about 500 million gallons of fuel annual through about 520 retail locations. Warren operates 147 Xtra Mart convenience stores, markets fuel through 53 commissioned agent locations and supplies fuel to about 320 dealers. The company has operations in Massachusetts, Connecticut, Maine, New Hampshire, New York, Rhode Island, New Jersey, Pennsylvania, Maryland and Virginia. In addition to the Xtra Fuels brand, Warren markets fuel through the Exxon, Mobil, Shell, BP, Sunoco, Citgo, Gulf and Valero brands.
Waltham, Massachusetts-based Global Partners is making the acquisition through subsidiary Global Montello Group Corp. The company expects to finance the deal with a 60/40 blend of debt and equity.
Global is a midstream logistics and marketing company with a large terminal network of refined petroleum products.
Other recent oil and gas acquisitions include Kohlberg Kravis Roberts & Co. LP's (NYSE: KKR) $350 million deal for oil and gas properties in Texas, and Western Refining Logistics LP's (NYSE: WNRL) $360 purchase of the southwest wholesale business of Western Refining Inc.