13th Jul 2021 21:16
(Alliance News) - BP PLC on Tuesday said it has agreed to acquire the remaining stake in joint venture and US convenience store chain Thorntons from private equity firm ArcLight Capital Partners LLC for an undisclosed sum.
Thorntons is headquartered in Louisville, Kentucky, and was acquired by a joint venture between ArcLight and BP in 2019.
Through the transaction, BP will own and operate 208 locations across six US states, including Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida.
The deal is expected to close later in the year, subject to regulatory approvals.
Looking ahead, BP is seeking to increase the number of global convenience sites to 3,000 in 2030 from the current number of 2,000.
"We have a proud history of high-quality retail brands across the country. Incorporating Thorntons into our business combines their customer-first culture with our existing US retail network and will help us deliver our convenience strategy of offering customers what they want, where and when they want it," said David Lawler, president of BP America.
Shares in the FTSE 100 energy firm closed 1.1% lower at 305.90 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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