CrossAmerica to Acquire Community Gas Station Refueling Assets

The company announced the pending transaction for the Greater Boston Area fuel supply portfolio of up to 75 million gallons under supply contracts.

CrossAmerica Partners LP announced that it has entered into a definitive agreement to acquire certain assets of the community service stations. The assets consist of wholesale fuel supply contracts at 39 dealer-owned locations, 34 contractor accounts and two commission-based locations.

Supply contracts include approximately 75 million gallons of fuel per year through fuel brands such as Exxon Mobil, Shell, Gulf and others.

“We are thrilled to acquire these attractive assets from one of the Boston area’s leading wholesale distributors. This acquisition expands our fuels business in the New England market with new dealerships and strengthens our relationship with several of our key fuel supply partners,” said Charles Nifong, President and CEO of CrossAmerica Partners.

The acquisition is subject to customary closing conditions, which CrossAmerica currently expects to be completed by the fourth quarter of 2022. It is expected that the acquisition will be funded from available cash and/or unused capacity in under the company’s revolving credit facility. The Partnership expects the acquisition to be immediately accretive to distributable cash flow to limited partners.

The terms of the transaction have been approved by the board of directors of CrossAmerica’s general partner.

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Jill E. Washington