Lehigh Gas Partners LP: Announces the Acquisition of 17 Sites in the Tri-Cities, Tennessee Region
(Thomson Reuters ONE) -
Lehigh Gas Partners LP Announces the Acquisition of 17 Sites in the Tri-Cities,
Tennessee Region
ALLENTOWN, PA (August 7, 2013) - Lehigh Gas Partners LP (NYSE: LGP) (the
"Partnership") announced today that it entered into an asset purchase agreement
with Rogers Petroleum, Inc. and affiliates ("Rogers") on August 7, 2013 to
purchase 14 motor fuel stations, assume the leases for three (3) motor fuel
stations and purchase certain other assets and equipment at the 17 sites for
total consideration of $21.1 million.
The 17 sites are located in eastern Tennessee, with a concentration in the Tri-
Cities region and along Interstate 81. The portfolio sold 18.7 million gallons
of motor fuels in 2012. Thirteen of the sites are "Zoomerz" branded sites and
the remaining four (4) sites are Exxon branded. The Partnership is acquiring
the "Zoomerz" trademark and brand as part of the transaction.
"We are excited to acquire the Rogers portfolio. The assets are high quality
assets and highly complementary to the Rocky Top acquisition that we announced
last week," said Chairman and CEO Joe Topper. "Together, these two portfolios
provide us scale in the region and a solid platform to further expand," Topper
added.
LGP has agreed to lease or sublease the 17 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 Rogers. The
Partnership will also supply fuel to LGO at these sites under a 15 year
agreement.
The transaction is expected 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 Partners 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
[HUG#1721847]
Unternehmensinformation / Kurzprofil:
Datum: 07.08.2013 - 22:10 Uhr
Sprache: Deutsch
News-ID 285819
Anzahl Zeichen: 4234
contact information:
Town:
Allentown
Kategorie:
Business News
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