Latest news with #GlobalPartners
Irish Times
18 hours ago
- Business
- Irish Times
Applegreen to invest $750m in Massachusetts motorway service stations under 35-year deal
Applegreen , the Irish fuel forecourt retail group, has been awarded a 35-year contract to operate 18 motorway service areas in Massachusetts. Under the deal it will invest more than $750 million (€654 million) in the network. The group, backed by US private equity giant Blackstone , will spend the money replacing buildings at nine plazas and carrying out major renovations of the others, US news media reported. This would make it the biggest spending project Applegreen has entered into in the US. The company will have the contract to operate the restaurants, cafes and shops at the plazas and to sell fuel and operate electric-vehicle (EV) charging sites at each location. READ MORE It will pay up to $994 million in rent to the State of Massachusetts during the 35-year deal, reports said. Of the 18 service stations, 11 are on the longest motorway in the state, known as the Massachusetts Turnpike, which spans 222km and was opened in 1957. Applegreen beat two other final-round bidders for the contract. Fuel supplier Global Partners had been seen as the favourite to be selected by the Massachusetts Department of Transport (MassDOT). 'We're thrilled to have the opportunity to work with the Commonwealth of Massachusetts and MassDOT to improve the travel experiences of drivers across Massachusetts for years to come,' a spokesman for Applegreen said. Applegreen entered US market in 2014 when it bought two sites in Long Island. In 2020, the group was part of a consortium that signed a 33-year lease to refurbish and operate 27 motorway plazas on New York Thruway, a system of toll roads within the State of New York. It does not have the fuel sale element of that deal. Applegreen runs more than 100 US motorway service areas, where it operates restaurant and cafe brands such as Burger King, Shake Shack, Chick-fil-A, Popeyes, Starbucks, Dunkin', Panera Bread and Panda Express. The company was founded by Robert Etchingham in 1992 with one station in Ballyfermot, west Dublin. It now has almost 200 locations in the Irish market. The company typically invests more than €30 million a year in the Irish market on store openings, upgrades and improvement. Applegreen was taken private from the stock market in March 2021 by Blackstone in a €718 million deal that saw Mr Etchingham and long-standing executive Joe Barrett retain a combined 42.5 per cent stake in the group. The company's then independent directors decided unanimously to recommend the takeover bid for the group, arguing it faced borrowing constraints as a listed company as it faced large investments in electric car-charging facilities and US highway service areas. Applegreen agreed this year to sell its UK filling station business to UK rival EG On The Move for an undisclosed sum. That business had 98 sites. The company said it would use the proceeds from the transaction to invest in its business in Ireland, the UK and US. The deal did not affect Applegreen's Welcome Break motorway service business in the UK, which also has a network of 31 hotels.
CBS News
a day ago
- Business
- CBS News
Here's what's proposed for 18 Massachusetts highway service plazas after Irish company wins bid
Big changes are coming to 18 highway service plazas in Massachusetts. The Department of Transportation voted Wednesday to award a 35-year lease to an Irish company that intends to raze and rebuild nine rest stops, while significantly refurbishing nine others. Construction will start in January of 2026. Applegreen chief investment officer Ronan Ryan said Dublin-based company will invest $750 million in the plazas, which will remained owned by MassDOT. "We have a proven track record of undertaking significant service plaza redevelopment projects in the U.S.," Ryan said. Map of service plazas that will be rebuilt or renovated. MassDOT Many of the plazas that will be knocked down and rebuild are on the Mass Pike. They include the Natick, Framingham, Westboro, Charlton, Ludlow and Lee plazas. At the MassDOT board meeting, many spoke out in favor of Boston-based Global Partners, which was also bidding for the contract. Global Partners chief operating officer Mark Romaine said that his company made a rent commitment that was worth $500 million more than Applegreen. "Instead, the committee is recommending a foreign-owned operator with a documented history of underperformance," he said. MassDOT chief development officer Scott Bosworth touted Applegreen's "bold approach" and noted that they just renovated 27 service areas in New York. The plazas will have a different exterior based on their location, with "coastal," "metro" and a "western" design that is meant to invoke the Berkshires. Different exteriors for the renovated rest stops. MassDOT Among the improvements planned for the Massachusetts rest stops include hundreds more parking spots, children's play areas, dog areas and "inviting" bathrooms. "Seventy percent of the people turn into the plaza to use the bathrooms. That's a critical point," Bosworth said. "The data shows that if they have a good experience doing that, the dwell time will be increased as well as the conversion rate, meaning they'll actually stop and buy something." Plans for the refurbished service plazas. MassDOT
Yahoo
03-06-2025
- Business
- Yahoo
New CEOs at Seven & i, Weigel's lead notable exec changes from May
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. While top leadership changes slowed down in May after a very busy April, there were still plenty of notable moves at the highest levels of some top c-store retailers. Additionally, the industry mourned the passing of Richard Slifka, chairman of Global Partners and son of the company's founder, Abraham Slifka. Richard Slifka, 85, held numerous leadership positions during his six decades with Global Partners. Here's a recap of some c-store executive moves from last month. And here's our executive roundup from April, in case you missed it. After announcing the move in early March, Stephen Dacus officially took the top spot at 7-Eleven parent company Seven & i Holdings after its annual shareholder meeting last week. The 64-year-old Dacus, the company's first non-Japanese CEO, served on Seven & i's board beginning in 2022 and was subsequently named lead independent outside director and then chairperson of the board of directors. He takes the reins as Seven & i commences its transformation plan and weighs a takeover bid from Alimentation Couche-Tard. In addition, 7-Eleven Inc., the company's North American branch, named two new vice presidents. Terri Micklin, whose departure from her role as president of GetGo Cafe + Market made headlines last month, is now the company's SVP of store development and facilities. In her new roles, she'll support the company's plan to open over 1,000 new stores in the next five years. Finally, 7-Eleven named Sembe Cole vice president of merchandising for its center store and seasonal product categories. Cole was most recently VP of the company's western franchise operations, a role in which he oversaw over 2,600 franchised 7-Eleven c-stores in the western U.S. He's also worked as VP of 7-Eleven's North Atlantic operations, director of operations, zone merchandise leader, market manager, field merchandising manager and field and business consultant. Weigel's has appointed Douglas Yawberry as CEO. The company has been without a top executive since the passing of Ken McMullen in 2021. After joining the company in 2008, Yawberry was promoted to president of operations three years later and has been Weigel's president and chief operating officer since 2017. While he hasn't been in the CEO role until now, Yawberry has been 'running everything' since the loss of McMullen, a company spokesperson said. Love's Travel Stops & Country Stores named Patrick McLean as its first-ever chief marketing officer. He now leads a team of nearly 300 in the marketing and customer experience departments and reports directly to Love's President Shane Wharton. McLean spent nearly two years at the head of his own marketing consultancy and has served as senior vice president and CMO for drug store chain Walgreens, CMO for TD Bank, vice president of digital brand strategy for Capital One bank, and in various marketing roles with telecom companies Verizon and Bell Canada. Shell named Colette Hirstius as president of its U.S. business, Shell USA. She starts in her new role Aug. 1. Among Hirstius's responsibilities will be spearheading Shell's mobility network in the U.S., where the company serves more than 7 million customers every day, Shell CEO Wael Sawan said. Hirstius joined Shell in 2003 as a production geologist and project manager. She subsequently took on numerous development and exploration positions, leading to her current role of EVP of Gulf of America. EG Group has appointed Erik Chalut as group chief legal officer. His first day is June 9. Chalut, who has 25 years of experience in leading public companies in the consumer industry, joins EG Group from grill maker Weber, where he had worked since the company launched its IPO in 2021. He's also served for seven years as corporate counsel for Kellogg Company, and worked for more than a decade as a partner at various legal practices, according to his LinkedIn bio. He will report directly to new CEO Russell Colaco. Recommended Reading Who is Stephen Dacus, Seven & i's new CEO? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Global Partners' chairman dies at 85
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Global Partners' longtime board chairman Richard Slifka passed away last week at the age of 85, according to a company announcement. Slifka was the son of Global Partners' founder Abraham Slifka, who started the business in the 1930s, and the uncle of Global Partners' President and CEO Eric Slifka. He is survived by his wife, three children and six grandchildren. 'Richard helped lay the foundation for what Global is today, working alongside my father with quiet strength and enduring values,' Eric Slifka said in the announcement. 'He brought diligence, consistency, and a sense of purpose to everything he did, always putting people and community at the center of his work. He will be deeply missed.' Upon joining his father's company in 1963, Slifka and his late brother Fred transformed the business from a heating oil company to a notable wholesale fuel distributor and convenience retailer. Today, Global Partners' portfolio includes nearly 1,700 owned, leased or supplied gasoline stations, including 300 directly operated convenience stores, primarily in the Northeast Slifka held numerous leadership positions during his six decades with Global Partners, formerly known as Global Companies, including treasurer; director; president of Global Petroleum, a privately held affiliated company; and vice chairman. He had been chairman since 2014. Slifka was also president of the Independent Fuel Terminal Operators Association and a past director of the New England Fuel Institute. He was involved with Global Partners' charitable work, having sat on the board of directors of Boston-based homeless shelter St. Francis House and Boston Medical Center in addition to being a director of the National Multiple Sclerosis Society. A spokesperson from Global Partners said they had no information on who Slifka's replacement will be atop the company's board of directors. Recommended Reading How Global Partners is embracing change in 2024
Yahoo
22-05-2025
- Business
- Yahoo
GeoPark Exits Vaca Muerta Deal, Focuses on Strategic Growth Plans
GeoPark Limited GPRK recently announced the termination of its previously disclosed agreement with Phoenix Global Resources, which involved acquiring a non-operated working interest in four unconventional blocks in Argentina's Vaca Muerta. The deal, governed by a FarmOut Agreement, included an 'Outside Date' clause that allowed either party to withdraw by May 13, 2025. Phoenix exercised this option, leading to the transaction's cancellation. Despite the withdrawal, GeoPark remains undeterred and focused on its long-term strategy built around sustainable, profitable growth in Latin America's energy sector. In April 2024, GeoPark made a strategic move by offering to buy a non-operated working interest in Argentina's Neuquen Basin's Vaca Muerta Formation. The acquisition was expected to close in the third quarter of 2024, pending regulatory approval and would add over 5,000 barrels of oil equivalent per day to GeoPark's production. The $200 million deal, with an additional $110-$120 million earmarked for exploration over two years, was decided to be funded through cash, credit facilities and new financing while maintaining a net debt-to-adjusted EBITDA ratio below 1.1x. GeoPark reaffirmed its commitment to its "North Star" strategic pillars — developing big assets in prolific basins with a disciplined and dependable approach. With $330 million in cash, a net leverage ratio under 1.0x and a hedging program covering 87% of its 2025 volumes, the company is well-positioned to pursue other strategic avenues. GeoPark continues to strengthen its core by maximizing returns from high-value projects in its current portfolio, pursuing inorganic growth through carefully evaluated opportunities within its core geographies and maintaining strategic flexibility, considering options such as share buybacks, debt reduction or dividends based on prevailing market conditions. Hamilton, Bermuda-based GeoPark is an explorer, operator and consolidator of oil and gas. The company operates primarily in Chile, Colombia, Brazil and Argentina. Currently, GPRK has a Zacks Rank #5 (Strong Sell). Investors interested in the energy sector might look at some top-ranked stocks like Prairie Operating Co. PROP, Global Partners LP GLP and Expand Energy Corporation EXE. While Prairie Operating and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, Expand Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Houston-based Prairie Operating is an independent energy company engaged in the development and acquisition of proven, producing oil and natural gas resources principally in the United States. The Zacks Consensus Estimate for PROP's 2025 earnings indicates 389.05% year-over-year growth. Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for GLP's 2025 earnings indicates 17.84% year-over-year growth. Expand Energy is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. The Zacks Consensus Estimate for EXE's 2025 earnings indicates 444.68% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global Partners LP (GLP) : Free Stock Analysis Report Geopark Ltd (GPRK) : Free Stock Analysis Report Prairie Operating Co. (PROP) : Free Stock Analysis Report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
