that was sold by Global for $ 150m in 2022 .
Slifka added : “ We are happy to finalise this acquisition and welcome these terminals into our growing network . These assets will strengthen our existing operations and provide us with new opportunities to serve our customers and enhance our competitive advantage .”
In an earlier deal , announced in December , Global Partners acquired 25 liquid energy terminals from Motiva Enterprises for $ 305.8 million and supported by a 25-year guaranteed take-or-pay throughput agreement with Motiva , the anchor tenant at the terminals , that includes minimum annual revenue commitments .
The Motiva acquisition gave Global “ a significant position from Maine to Florida and into the Gulf Coast ,” said Slifka . “ The addition of these terminals supports the growth of our integrated supply , storage and retail network in rapidly growing areas of the country — Florida , Georgia , Texas and the Carolinas — providing customers with gasoline , diesel and other liquid fuels essential to their daily lives .”
The new assets expand access to a critical network of marine loading facilities as well as the Colonial , Plantation , Enterprise , Explorer and Magellan refined product pipelines .
Slifka continued , “ This purchase marks a significant milestone in Global ’ s 90-year history and highlights our strategy to acquire and invest in assets where we can leverage our core strengths . We look forward to broadening our network for existing customers and serving new customers with our high-level personal service and reliability .”
The terminals , purchased for $ 305.8 million in cash , represent an expected EBITDA multiple below 7.0x in the second year of ownership .
With approximately 1,700 locations primarily in the Northeast , Global Partners is one of the region ’ s largest independent owners , suppliers and operators of fueling stations and convenience markets . 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 engages in the transportation of petroleum products and renewable fuels by rail from the midcontinental U . S . and Canada . l FON 8 MAY 2024 | FUEL OIL NEWS | www . fueloilnews . com