CrossAmerica Announces Closing of Acquisition of Community Gas Station Assets
Allentown, Pa., Nov. 10, 2022 (GLOBE NEWSWIRE) — CrossAmerica Announcement the closing of Acquisition of Community Service Station Assets
ALLENTOWN, Pa., November 10, 2022 – CrossAmerica Partners LP (NYSE:CAPL) today announced that it has entered into the previously announced agreement to acquire certain assets of Community Service Stations for a purchase price of $27.5 million plus working capital.
The assets consist of wholesale fuel supply contracts at 38 dealer-owned locations, 35 contractor accounts and two commission locations (1 fee-based and 1 lease). Supply contracts include approximately 75 million gallons of fuel per year through fuel brands such as Exxon Mobil, Shell, Gulf and others.
The acquisition was financed with cash on hand and unused capacity under the CrossAmerica revolving credit facility. The Partnership expects the acquisition to be immediately accretive to distributable cash flow to limited partners.
Matrix Capital Markets Group, Inc. served as the exclusive financial advisor to Community Service Stations, Inc.
About CrossAmerica SEC Partners
CrossAmerica Partners is a leading wholesale fuels distributor, convenience store operator and owner and lessor of real estate used in the retail fuels distribution business. Its general partner, CrossAmerica GP LLC, is indirectly owned and controlled by entities affiliated with Joseph V. Topper, Jr., the founder of CrossAmerica Partners and a member of the general partner’s board of directors since 2012. Formed in 2012, CrossAmerica Partners LP is a branded and unbranded motor vehicle petroleum distributor in the United States and distributes fuel to approximately 1,750 locations and owns or leases approximately 1,150 locations. With a geographic footprint spanning 34 states, the partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Sunoco, Valero, Gulf, Citgo, Marathon and Phillips 66. CrossAmerica Partners ranks among the largest distributors of ExxonMobil. by fuel volume in the United States and in the top 10 for other brands. For more information, please visit www.crossamericapartners.com.
Caution Regarding Forward-Looking Statements
Statements in this release that set forth the Partnership’s or management’s expectations or forecasts for the future are forward-looking statements. The words “believe”, “expect”, “should”, “intend”, “estimate”, “target” and similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in these forward-looking statements. For additional information about factors that could cause actual results to differ from those expressed or anticipated, see CrossAmerica’s Form 10-K or Forms 10-Q filed with the Securities and Exchange Commission and available at CrossAmerica at www.crossamericapartners.com. The Partnership undertakes no obligation to publicly update or revise any statements contained in this release, whether as a result of new information, future events or otherwise.
Randy Palmer, 210-742-8316