Acquisition includes 37 Jiffy Mart c-stores in Vermont and New Hampshire as well as 24 fuel sites.
Global Partners LP has completed the acquisition of retail fuel and convenience store assets of Vermont-based Champlain Oil Co. Inc.
The acquisition includes 37 company-operated gas stations with Jiffy Mart-branded convenience stores in Vermont and New Hampshire, and approximately 24 fuel sites that are either owned or leased including lessee dealer and commission agent locations. The transaction also includes term fuel supply agreements for approximately 65 gas stations, primarily in Vermont and New Hampshire. The 126 stations primarily market major fuel brands such as Mobil, Shell, Citgo, Sunoco and Irving.
The purchase price, excluding inventory, was approximately $134 million, subject to post-closing adjustments. The transaction is expected to be accretive within the first full year of operations.
“The completion of this transaction expands our retail portfolio and geographic footprint in New England and provides additional volume to our strategically located terminals in New York and Vermont,” said Eric Slifka, Global Partners president and CEO. “We are excited to add the well-established Jiffy Mart brand and co-branding arrangements to our business and to further benefit from economies of scale in the purchase of fuel and convenience store merchandise. We look forward to building upon these premier assets and welcome our new associates to the Global team.”
Headquartered in Burlington, Vt., Champlain is one of the largest petroleum wholesale distribution and convenience retail marketers in the northeast. For over 70 years, the company has built a well-regarded reputation by maintaining rigorous quality standards of a major national chain, while upholding customer-centric values.
Champlain was founded in 1949 by C. Douglas Cairns. Several decades later, in 1990, the company acquired the Jiffy Mart brand along with 13 company-operated locations from Jiffy Mart Inc. Under the leadership of Tony Cairns, president, and his son Bryan Cairns, vice president, the company has grown both its retail and wholesale channels of trade by offering high quality merchandise, food offerings and service at its Jiffy Mart stores and value-added services to ensure a competitive and sustainable business model for its wholesale customers.
Tony Cairns commented, “I would like to thank all of our employees who helped build our company over many years and (Matrix Capital Markets Group Inc.) who was a pleasure to work with.”
Bryan Cairns added, “The Matrix team did a tremendous job. This was quite the process to go through, but having such a professional team directing us with their tireless work ethic and attention to detail made the process that much easier.”
Matrix provided merger and acquisition advisory services to Champlain, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, managing director; Sean Dooley, vice president; and Christian Klawunder, senior associate. Thomas Kelso, managing director and head of Matrix’s Downstream Energy and Convenience Retail Group, also advised on the transaction.
Cavalier commented, “The Cairns family and its talented management team built one of the most respected and successful independent petroleum marketing and convenience retailing companies in the industry. We truly appreciate the opportunity to advise the company and the Cairns family on the sale and cherish the relationship we built with the family over many years.”
