BP to acquire Thorntons convenience stores
HOUSTON – BP takes full ownership of the Thorntons convenience store chain after two and a half years as co-owner in a joint venture created in 2018. BP says the acquisition, announced on June 13, will enable the oil company vertical to increase its presence. in the U.S. fuel and convenience retail industry
Specifically, BP has agreed to acquire the majority stake it does not already own in the convenience store business from ArcLight Capital Partners LLC.
Once the transaction is complete, BP will become a leading convenience operator in the Midwest with 208 sites owned and operated in six states: Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida. In addition, BP has announced its intention to retain and develop the Thorntons brand.
“We have a proud history of high quality retail brands across the country,” said David Lawler, president and president of bp America. “Integrating Thorntons into our business blends their customer-centric culture with our existing US retail network and will help us execute on our convenience strategy of giving customers what they want, where and when. they want it. “
Based in Louisville, Ky., Thorntons offers a competitive consumer offering and strong business operations, BP said. BP intends to build on this long tradition of providing a distinctive customer experience while creating integrated value across BP’s mobility and convenience and fuels business and improving it. more.
According to BP, convenience stores are evolving against a backdrop of growing consumer demand with ever-changing needs. Citing an analysis from Euromonitor, the company said the convenience opportunity will almost double over the next decade in 45 of the world’s major economies, growing by more than 5% each year.
This expected growth aligns with BP’s Convenience and Mobility business strategy, which aims to nearly double global profits by 2030, up from $ 5 billion in 2019, and generate returns of 15-20%. . BP aims to increase the number of strategic proximity sites in its global network from around 2,000 today to more than 3,000 by 2030.
“We are committed to putting the customer at the heart of what we do to help accelerate the mobility revolution and redefine the comfort experience at gas stations,” said Greg Franks, senior vice president, mobility and comfort, BP Americas. “Thorntons has generated long term customer loyalty over the past 50 years due to its premier operations. We are delighted to welcome them to our family.
Today, BP has more than 11.5 million customer touchpoints around the world per day with the goal of increasing that number to more than 15 million by 2025. BP’s customer application, BPme, counts more than 3 million customers worldwide, and the company aims to grow more than ten times the number of customers on its digital platforms by 2030.
Thorntons successful, customer-focused application and digital presence will help improve the digital solutions needed to develop innovative and personalized offerings, the company said. This includes high-quality power, loyalty programs and next-generation mobility solutions, including electrification.
The deal is expected to close later this year after regulatory approvals. Financial details of the deal were not disclosed.
BP, and in particular its retail arm ampm, ranks # 8 on CSP 2021 list of the 202 largest convenience store chains in the United States. Thorntons is ranked 38th.
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