Lehigh Gas Partners LP: Announces Acquisition of 34 Sites in the Knoxville, Tennessee Region
(Thomson Reuters ONE) -
Lehigh Gas Partners LP Announces the Acquisition of 34 Sites in the Knoxville,
Tennessee Region
ALLENTOWN, PA (August 1, 2013) - Lehigh Gas Partners LP (NYSE: LGP) (the
"Partnership") announced today that it entered into an asset purchase agreement
with Rocky Top Markets, LLC and Rocky Top Properties, LLC (collectively "Rocky
Top") on August 1, 2013 whereby the Partnership will purchase 30 motor fuel
stations, assume or enter into leases for four (4) motor fuel stations, assume
seven (7) third party supply contracts and purchase certain equipment and other
assets at the sites for a total consideration of $36.9 million. The Partnership
will pay $10.7 million at closing for one (1) fee property site, the four (4)
leasehold sites, the seven (7) third party supply contracts and certain other
equipment and assets associated with the sites. Concurrent with the closing,
the Partnership will enter into a master lease for the remaining 29 motor fuel
stations. On or after August 1, 2015, the Partnership will purchase the 29
motor fuel stations for $26.2 million, the remaining balance of the purchase
price.
The transaction enhances the Partnership's geographic diversity and provides it
access to a new market region. The 34 sites are located in and around the
Knoxville, TN region and along Interstate 40 and 75. In aggregate, including
the assumed third party supply contracts, the total portfolio sold 34.1 million
gallons of motor fuel in 2012. Thirty-one of the 34 sites are Shell branded.
"We are extremely excited to enter into the Knoxville market and to establish a
presence in Tennessee," said Chairman and CEO Joe Topper. "We are pleased to be
able to acquire assets of the quality of Rocky Top and to add to our Shell
portfolio. The acquisition provides us a solid platform in the region that we
hope to grow over time," Topper added.
The Partnership has agreed to lease or sublease the 34 sites in a 15 year
agreement to Lehigh Gas - Ohio, LLC ("LGO"), which separately agreed to purchase
fuel and merchandise inventory and certain other assets at the sites from Rocky
Top. The Partnership will also supply fuel to LGO at these sites under a 15
year agreement.
The transaction is scheduled to close during the third quarter of 2013. The
Partnership expects to fund the transaction through funds available under its
corporate credit facility.
About Lehigh Gas Partners
Lehigh Gas Partners, headquartered in Allentown, PA, is a leading wholesale
distributor of motor fuels and owner and lessee of real estate used in the
retail distribution of motor fuels. Formed in 2012, Lehigh Gas Partners owns or
leases more than 500 sites in nine states: Pennsylvania, New Jersey, Ohio,
Florida, New York, Massachusetts, Kentucky, New Hampshire and Maine. The company
is affiliated with several major oil brands, including ExxonMobil, BP, Shell,
Chevron, Sunoco and Valero. LGP ranks as one of ExxonMobil's largest
distributors by fuel volume in the United States and in the top 10 for many
additional brands. For additional information, please
visit www.lehighgaspartners.com.
Forward-Looking Statements
Except for the historical information and discussions contained herein,
statements contained in this release may constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Achieving the results described in these statements involves a number of risks,
uncertainties and other factors that could cause actual results to differ
materially, as discussed in Lehigh Gas Partner LP's filings with the Securities
and Exchange Commission. Lehigh Gas Partners LP disclaims any obligation to
update or revise any forward-looking statements.
###
CONTACTS:
INVESTORS:
Karen Yeakel
Vice President, Investor Relations
Lehigh Gas Partners
610-625-8126
kyeakel(at)lehighgas.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Lehigh Gas Partners LP via Thomson Reuters ONE
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Datum: 01.08.2013 - 22:15 Uhr
Sprache: Deutsch
News-ID 284213
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