CrossAmerica Partners LP: To Expand Presence in Minnesota and Wisconsin Markets with Latest Acquisition
(Thomson Reuters ONE) -
CrossAmerica to Expand Presence in Minnesota and Wisconsin Markets with Latest
Acquisition
* CrossAmerica agrees to acquire 31 convenience stores sold by SSG Corporation
* Transaction expected to close in the first quarter of 2016
ALLENTOWN, PA, January 6, 2016 - CrossAmerica Partners LP (NYSE: CAPL)
("CrossAmerica" or "The Partnership") announced today that it has entered into a
definitive agreement to acquire thirty-one franchise Holiday stores located in
Wisconsin and Minnesota that are being sold by SSG Corporation for $48.5
million.
Of the 31 company-operated stores, 28 are located in Wisconsin and 3 are located
in Minnesota. Twenty-seven of the sites are owned fee simple locations. For
the twelve month period ended August 31, 2015, the sites sold approximately
26.5 million gallons of motor fuel and had approximately $44.0 million in inside
sales.
"We are delighted to acquire this great network of stores and become a Holiday
Stationstores franchisee," said President Jeremy Bergeron. "This acquisition
complements our acquisition of Erickson Oil Products made in early 2015 and
further solidifies CrossAmerica's commitment to the Minnesota and Wisconsin
region," Jeremy added.
"We look forward to working together with CrossAmerica on finalizing this
transaction" said Burt Nordstrand, Founder and CEO of SSG Corporation. "The
strength of SSG has always been our employees and we are grateful to them for
their many years of loyal service. SSG was the first Self Service gasoline
company in our area and operated under the company-owned "Auto Stop" brand for
the first 32 years and under the "Holiday" franchise brand for the last 13
years."
The acquisition is subject to customary conditions to closing and is expected to
close in the first quarter of 2016. The Partnership expects the acquisition to
be accretive to distributable cash flow to limited partners.
About CrossAmerica Partners LP
CrossAmerica Partners is a leading wholesale distributor of motor fuels and
owner and lessee of real estate used in the retail distribution of motor
fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of
CST Brands, Inc., one of the largest independent retailers of motor fuels and
convenience merchandise in North America. Formed in 2012, CrossAmerica Partners
LP is a distributor of branded and unbranded petroleum for motor vehicles in the
United States and distributes fuel to more than 1,200 locations and owns or
leases more than 800 sites. With a geographic footprint covering 25 states, the
Partnership has well-established relationships with several major oil brands,
including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo and
Marathon. CrossAmerica Partners ranks as one of ExxonMobil's largest
distributors by fuel volume in the United States and in the top 10 for
additional brands. For additional information, please visit
www.crossamericapartners.com.
About Holiday Stationstores
Holiday Stationstores is a recognized leader in the convenience store industry
with 500 stores located throughout 10 states in the northern tier region of the
United States: Minnesota, Wisconsin, Michigan, North Dakota, South Dakota,
Montana, Wyoming, Idaho, Washington and Alaska. Holiday Stationstores continues
to provide customers with a shopping experience that is unique to the
convenience store industry with big stores, wide aisles, wide product selection
and friendly employees. www.holidaystationstores.com.
Contacts
Investors:
Randy Palmer, 210-692-2160
Karen Yeakel, 610-625-8005
Media:
Lisa Koenig, 210-692-2659
The DeBerry Group
Melissa Ludwig or Trish DeBerry, 210-223-2772
Forward-Looking Statements
This press release and any oral statements made regarding the subjects of this
release may contain forward-looking statements of CrossAmerica Partners, which
may include, but are not limited to, statements regarding CrossAmerica Partners'
plans, objectives, expectations and intentions and other statements that are not
historical facts, including statements identified by words such as "outlook,"
"intends," "plans," "estimates," "believes," "expects," "potential,"
"continues," "may," "will," "should," "seeks," "approximately," "predicts,"
"anticipates," "foresees," or the negative version of these words or other
comparable expressions. All statements addressing operating performance, events,
or developments that CrossAmerica Partners expects or anticipates will occur in
the future, including statements relating to the acquisitions, consideration
that may be subject to adjustment, and closing conditions, revenue growth and
earnings or earnings per unit growth, as well as statements expressing optimism
or pessimism about future operating results, are forward-looking statements.
The forward-looking statements are based upon CrossAmerica Partners' current
views and assumptions regarding future events and operating performance and are
inherently subject to significant business, economic and competitive
uncertainties and contingencies and changes in circumstances, many of which are
beyond its control. The statements in this press release are made as of the
date of this press release, even if subsequently made available by CrossAmerica
Partners on its website or otherwise. CrossAmerica Partners does not undertake
any obligation to update or revise these statements to reflect events or
circumstances occurring after the date of this press release.
Although CrossAmerica Partners does not make forward-looking statements unless
it believes it has a reasonable basis for doing so, the Partnership cannot
guarantee their accuracy. Achieving the results described in these statements
involves a number of risks, uncertainties and other factors that could cause
actual results to differ materially, including the factors discussed in this
report and those described in the "Risk Factors" section of the CrossAmerica
Partners' Form 10-K or 10-Qs filed with the Securities and Exchange Commission
as well as in CrossAmerica Partners' other filings with the Securities and
Exchange Commission. No undue reliance should be placed on any forward-looking
statements.
###
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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: CrossAmerica Partners LP via GlobeNewswire
[HUG#1976901]
Unternehmensinformation / Kurzprofil:
Datum: 06.01.2016 - 13:05 Uhr
Sprache: Deutsch
News-ID 442718
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contact information:
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Kategorie:
Business News
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