After rumors of a potential sale this summer, Louisville-based gas station and convenience store Thorntons officially announced Monday that it would indeed be acquired.
Mega-player BP and the private investment firm ArcLight Capital Partners will partner to acquire Thorntons, according to a news release. The deal is subject to regulatory approval, and terms were not disclosed.
The existing stores will retain the Thorntons name and employees at the Louisville support center will keep their jobs locally, the release states.
“My family and the Thorntons team are incredibly proud of the company we have built over the last 47 years. While we are proud of where we are today, our vision extends well beyond 191 stores in 6 states, and we know this new joint venture will help us to accelerate store growth and serve even more guests every day,” Matt Thornton, chairman and CEO of Thorntons, said in the release.
“We are excited to begin this new chapter and are pleased that we are able to take these next steps in our hometown working with our existing team. This partnership is a win-win for everyone involved.”