BP, a global oil and gas company headquartered in London, has acquired the company’s private equity partner in Thornton’s chain of gasoline and convenience stores.
The buy-out of U.S fuel stations has allowed the company’s return to the owned and operated business model associated with the retail sites in the United States, with energy buyers betting on aggressive growth in the electric vehicle charging spaces and convenience stores.
BP is all set to take complete control of 208 Thornton sites, buying out significant shares of a recognized player, the ArcLight Capital Partner’s majority stake.
A critical part of the company’s mission is to double earnings from the chain of convenience and mobility stores, elevating $10 billion globally by 2030.
Specific terms and details of the deal are not yet disclosed. However, BP is set to increase the number of convenience sites in its global network, which is somewhere around 2000 to more than 3000 by the year 2030, according to the company statement.
The chain established by Thorntons showcases sites across Kentucky, Illinois, Indiana, Ohio, Tennessee, and Florida, which are identified as the areas with BP oil refineries also including Whiting, Toledo, and Ohio.
The reverse trajectory following back into retail is a significant turn for the oil industry, which extensively only focused on the sale of franchising the company’s branded fuel stations in the past decade, with other players pouring capital assistance for oil exploration and production while the prices were ascending.