February 10, 2017 [OPIS] - Call it "Reinvention 2.0." Global Partners is looking for buyers of six petroleum terminals in the Northeast, representing about 1.1 million barrels of refined products storage.
The terminals are located in Burlington, Vt.; Sandwich, Mass.; Macungie, Pa.; Glenwood Landing, N.Y.; and Bridgeport and Wethersfield, Conn. Sources say that none of the facilities is regarded as a core holding of Global, but the firm may want to focus its future on its very profitable wholesale and retail gasoline business as well as larger terminals in the region. The sale of the terminals will also help shore up a balance sheet that was nicked by the discontinuation of plenty of rail business from the Bakken to Northeastern refineries.
Approximate storage counts for the terminals are in the 400,000-barrel range for Burlington; 170,000 barrels for Macungie; 184,000 barrels for Wethersfield; and about 100,000 barrels each for Glenwood Landing, Bridgeport and Sandwich. The Burlington facility is supplied by rail, while the other storage terminals receive product via barge or pipeline.
Sources tell OPIS that Matrix Capital is handling the sale, but there is no indication of when bids might be due.
