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    Global Partners Starts 2014 With Strong Momentum

    Company grows its store count and foodservice offer in first quarter.

    By Angela Hanson, Convenience Store News
    Eric Slifka is the president and CEO of Global Partners.

    WALTHAM, Mass. – Global Partners LP grew its convenience store count by approximately 25 newly acquired and rebranded locations during the first quarter of 2014, President and CEO Eric Slifka reported Thursday during the company's earnings call.

    The master limited partnership also expanded the foodservice offerings at its Alltown c-stores during the quarter.

    Global Partners currently operates more than 900 convenience stores under the Alltown, Fast Freddie's and Mr. Mike's banners in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.

    "We have begun 2014 with strong momentum and are positioned to execute on our strategic growth objectives," Slifka said.

    Global Partners generated $57 million in net profit for the first quarter of 2014, compared to a net loss of $22.1 million for Q1 2013.

    "All segments of our business contributed to the strong results in the first quarter," Slifka said, adding that the wholesale segment of the company performed especially well. He noted that the extremely cold temperatures and severe weather that occurred during the quarter caused "significant supply and demand imbalances," but allowed the company to capitalize on its product diversification to drive volume and margin through its system.

    By Angela Hanson, Convenience Store News
    • About Angela Hanson Angela Hanson is associate editor for EnsembleIQ's Convenience Store News and Convenience Store News for the Single Store Owner, where she is responsible for primary coverage of the candy, snacks and packaged beverages categories. Since joining CSNews as assistant editor in early 2011, she has played a key role in helping CSNews.com maintain its position as the No. 1 news source for the convenience store industry. Prior to joining CSNews, Hanson served as junior editor at Creative Homeowner book press and as managing editor of Anime Insider magazine. She has degrees in creative writing and visual communication technology from Bowling Green State University.

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