LOUISVILLE, Ky. —Oil and gas giant BP has announced plans to take full ownership of Louisville-based Thorntons, acquiring the majority share it does not already own in Thorntons from ArcLight Capital Partners. BP and ArcLight have been joint owners of Thorntons since 2019.
Once the transaction is complete, BP will be one of the leading convenience operators in the Midwest, with 208 owned and operated locations across six states, including Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida.
BP sees the convenience retail sector evolving amid rising demand from consumers. Based on Euromonitor analysis, the convenience opportunity will nearly double over the next decade in 45 of the leading economies of the world, growing at more than 5% each year.
This anticipated growth aligns with the strategy for BP’s convenience and mobility business, which aims to increase the number of convenience sites in its global network from around 2,000 today to more than 3,000 by 2030.
“Thorntons has generated long-term customer loyalty over the last 50 years because of its best-in-class operations,” said Greg Franks, senior vice president, mobility and convenience, Americas. “We are excited to welcome them into our family.”
BP cited Thorntons’ successful, customer-focused app and digital presence as a strategy to enhance the digital solutions needed to develop innovative and personalized offers.
The deal is expected to close later this year following regulatory approvals. Financial details of the agreement are not being disclosed.
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