Client: Wheels of CT, Inc. and Consumers Petroleum of Connecticut, Inc.
Location: Milford, CT
Industry: Fuel & Convenience Retail
Buyer/Investor: Global Partners LP (NYSE: GLP)
Close Date: January 2022
“Carter Morse & Goodrich guided us through every aspect of the transaction during one of the most challenging years in recent history. They undertook a rigorous and comprehensive process to fully understand our business and what made our company special in the industry. The process generated multiple offers from strategic buyers", said Christine Hogan, Chief Operating Officer; Ms. Hogan continued, “CMG provided us with numerous attractive options from which to choose and now we are excited to partner with Global, whom we are confident will provide the best home for our employees and our customers.”
CMG provided merger and acquisition advisory services to Wheels, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and Global Partners was ultimately selected as the acquirer. Global, an $11 billion revenue NYSE-listed fuel marketing company, is one of the Northeast US’s largest independent owners, suppliers and operators of gasoline stations and convenience stores, tallying more than 1,600 total locations.
CMG assisted Wheels in the negotiation of the purchase agreement, coordinated due diligence, advised throughout a complex Federal Trade Commission inquiry regarding the Hart-Scott-Rodino Act, and managed the transaction’s closing process. The transaction with Global Partners LP closed in January 2022.
Matthew Susman and David Morosan of Cohen & Wolf, P.C. served as the Company’s primary legal advisors and Berkeley Research Group, a specialist in the Fuel and Retail Convenience industry, provided quality of earnings support.
For more than three decades, Carter Morse & Goodrich has excelled at maximizing shareholder value for our clients and leading transactions through to successful completion.
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