Capitol Petroleum Group agrees to sale of retail portfolio - Professional Carwashing & Detailing

Capitol Petroleum Group agrees to sale of retail portfolio

WALTHAM, Mass. — The deal is valued at $156 million before closing adjustments.

WALTHAM, Mass. — Global Partners LP has agreed to purchase 97 Mobil- and Exxon-branded gas stations from Capitol Petroleum Group, according to a press release.

The deal also includes the sale of seven dealer supply contracts, noted the release. The transaction is valued at $156 million before closing adjustments.

The facilities are located in New York City and Maryland, stated the release. The transaction is expected to close in the second quarter of 2015.

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“This acquisition complements and expands our existing asset footprint in two of the nation’s most attractive markets,” said Eric Slifka, the Global Partner’s president and CEO, in the release. “The addition of the Capitol Petroleum locations enables us to leverage our existing operations and dealer relationships in the New York City and Maryland/D.C. markets while requiring limited incremental expense to grow the business.”

Global Partners has nearly 1,500 locations, primarily in the Northeast, reported the release. The company is No. 146 on the Fortune 500 list of America’s largest corporations.

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