CrossAmerica Announces Closing of Acquisition of Community Gas Station Assets

Allentown, Pennsylvania , November 10, 2022 (GLOBE NEWSWIRE) — CrossAmerica Announcement the closing of Acquisition of Community Service Station Assets

  • CrossAmerica to acquires wholesale fuel supply wallet in the Greater Boston Region
  • Approximately 75 million gallons in diameter the supply contracts

ALLENTOWN, Pennsylvania, November 10, 2022CrossAmerica Partners LP (NYSE: CAPL) announced today that it has completed the previously announced agreement to acquire certain assets of the Community Service Stations for a purchase price of $27.5 million more 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. was the exclusive financial advisor to Community Service Stations, Inc.

About CrossAmerica SEC Partners

Transamerican Partners is a major wholesale motor fuel distributor, convenience store operator and owner and lessor of real estate used in the retail motor fuel distribution business. Its general partner, CrossAmerica GP LLCis indirectly owned and controlled by entities affiliated with Joseph V. TopperJr., the founder of Transamerican Partners and member of the board of directors of the general partner since 2012. Created in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded motor vehicle oil in United States and distributes fuel to approximately 1,750 sites and owns or leases approximately 1,150 sites. 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. Transamerican Partners ranks as one of ExxonMobil’s largest distributors by fuel volume in 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 on file with the Security and Exchange Commission, and available on the CrossAmerica website 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.

contacts

Investors:Randy Palm210-742-8316
[email protected]

©OMX, source GlobeNewswire – EU Press Releases

Jill E. Washington