Convenience Industry Consolidates in U.S., Europe
Global Partners and EG Group are the latest to grow their portfolios.
Dec 15, 2020 | 2 min read
ALEXANDRIA, Va.—This week appears to be a big one for acquisitions in the convenience and fuel retailing industry, with deals announced by Global Partners, EG Group and Murphy USA.
Global Partners, an American energy supply company, has agreed to purchase the retail fuel and convenience store assets of Consumers Petroleum of Connecticut, according to BusinessWire.com.
“Building on our history of successful strategic acquisitions, the pending purchase of Wheels is an excellent fit for Global, and expands our retail business in Connecticut,” said Eric Slifka, president and CEO of Global Partners, which has about 1,550 locations in the Northeast.
“The team at Consumers Petroleum has built an impressive brand, with locations along high-traffic routes throughout Connecticut,” he said. “We are excited about adding these facilities to our portfolio and expect the transaction to be accretive within the first full year of operations.”
The acquisition includes 27 company-operated Wheels gas stations and convenience stores in Connecticut, plus the fuel supply agreements for about 25 gas stations located in Connecticut and New York that market fuel under the Citgo and Sunoco brands.
“We are very proud of what we have accomplished and the business we have grown over three generations,” said Richard Wiehl, chairman, Consumers Petroleum. “We are excited to see how Global will continue to grow and improve the Wheels assets and feel that we are leaving the company in good hands.”
In another deal, British petrol-station operator EG Group has agreed to buy Austrian oil and gas company OMV’s network of 285 petrol stations in southern Germany for 485 million euros ($589 million), according to Reuters.
OMV is selling the network as part of a divestment plan aimed at raising 2 billion euros to help fund a deal that will make it a majority owner in Borealis, a Vienna-based chemical company. The U.K.-based EG Group was founded by the now billionaire Issa brothers.
The petrol stations are in the German states of Bavaria and Baden-Wuerttemberg. As part of the agreement, EG Group will assume outstanding lease liabilities resulting in a total enterprise value for the business of approximately 614 million euros, OMV reported.
On Monday, NACS Daily reported that Murphy USA, which operates gas stations under the Murphy USA and Murphy Express brands, has agreed to acquire family-owned QuickChek Corp. and its 157 c-stores in an all-cash deal for $645 million.
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