Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CANTON, MA-Cumberland Farms, one of the country’s largest family-owned convenience store petroleum marketers, is expanding its branded retail petroleum business in the Northeast by acquiring 200 Exxon-branded service stations from ConocoPhillips. The purchase price was not disclosed.

The Exxon-branded stations being purchased are located in Massachusetts, New Hampshire, and New York and will join the branded Gulf stations already owned by Cumberland Farms. The newly acquired stations will continue to provide Exxon products.

“Our strategy is to expand our branded petroleum marketing presence within the Northeast and make Gulf and Exxon the service stations of choice,” says Lily H. Bentas president and CEO of Cumberland Farms. “Bringing the Exxon flag into the Cumberland Farms family is a big step in reaching this goal, as well as in reaching a whole new set of customers.”

In a concurrent transaction, Gulf Oil Limited Partnership, a partnership between Cumberland Farms and the Kaneb family, has agreed to become the supplier of motor fuels for the Exxon brand in New England and New York. Gulf has entered into an agreement to acquire the dealer and distributor supply contracts for the Exxon brand from ConocoPhillips. These dealers and distributors currently service over 600 Exxon locations. Under this agreement, Gulf will supply the customers with Exxon-branded products and will accept Exxon credit cards and Speedpass payment services.

Gulf will also purchase the leasehold interests of ConocoPhillips in their eleven Massachusetts Turnpike locations and has entered into a long-term supply agreement with ConocoPhillips for shipments originating out of its Bayway refinery located in New York Harbor.

Cumberland Farms owns and operates over 900 outlets, not including this acquisition, throughout New England, the Mid-Atlantic states and Florida. Founded in 1938 by Vasilios and Aphrodite Haseotes in Cumberland, RI, the family-owned business also conducts bakery, beverage, ice cream, grocery warehousing and distribution operations in support of its convenience stores and petroleum distribution operations supporting its retail and dealer operations. Cumberland Farms employs a combined total of over 7,000 full- and part-time employees.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.