CSNews Online

BP Takes Full Ownership of Thorntons

The deal marks BP’s reentry into fully owned and operated c-stores in the United States

TWO YEARS AFTER entering into a joint venture to acquire Thorntons, BP is procuring the majority share it does not already own. The transaction is expected to close later this year.

Once completed, BP will add 208 owned and operated convenience stores across the Midwest to its retail network. The stores are located in Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida. The company plans to keep and build on the Thorntons brand.

In late 2018, BP joined with ArcLight Capital Partners LLC to reach an acquisition agreement for Louisville, Ky.-based Thorntons. That deal closed in February 2019.

“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 U.S. 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, chairman and president of BP America.

This latest deal marks Houston-based BP’s reentry into fully owned and operated stores in the United States, a model it stepped away from through a series of divestments in the mid-2000s.

Its brands in the U.S. currently include bp, Amoco and ampm. BP’s portfolio of brands in the U.S. service more than 3 million consumers daily.

The company has a goal to increase the strategic convenience locations 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 convenience experience at service stations,” said Greg Franks, senior vice president, mobility and convenience, Americas. “Thorntons has generated long-term customer loyalty over the last 50 years because of its best-in-class operations. We are excited to welcome them into our family.”