CrossAmerica Announces the Closing of Acquisition of Assets of Community Service Stations
10 Noviembre 2022 - 3:15PM
CrossAmerica Announces
the Closing of Acquisition of Assets of
Community Service Stations
- CrossAmerica
acquires wholesale fuel
supply portfolio in the
Greater Boston area
- Approximately 75 million gallons across
the supply contracts
ALLENTOWN, PA, November 10, 2022 – CrossAmerica
Partners LP (NYSE: CAPL) announced today that it has completed 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 to 38 dealer owned locations, 35 subjobber accounts and
two commission locations (1 fee based and 1 lease). The supply
contracts include approximately 75 million gallons of fuel annually
through such fuel brands as Exxon Mobil, Shell, Gulf and
others.
The acquisition was financed with cash on hand
and undrawn 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
Partners LP
CrossAmerica Partners is a leading wholesale
distributor of motor fuels, convenience store operator and owner
and lessor of real estate used in the retail distribution of motor
fuels. 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 board
of the general partner since 2012. 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 approximately 1,750 locations and owns or leases
approximately 1,150 sites. With a geographic footprint covering 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 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.
Cautionary Statement Regarding Forward-Looking
Statements
Statements contained in this release that state
the Partnership’s or management’s expectations or predictions of
the future are forward-looking statements. The words “believe,”
“expect,” “should,” “intends,” “estimates,” “target” and other
similar expressions identify forward-looking statements. It is
important to note that actual results could differ materially from
those projected in such forward-looking statements. For more
information concerning factors that could cause actual results to
differ from those expressed or forecasted, see CrossAmerica’s Form
10-K or Forms 10-Q filed with the Securities and Exchange
Commission, and available on CrossAmerica’s website at
www.crossamericapartners.com. The Partnership undertakes no
obligation to publicly update or revise any statements in this
release, whether as a result of new information, future events or
otherwise.
Contacts
Investors:Randy Palmer, 210-742-8316rpalmer@caplp.com
CrossAmerica Partners (NYSE:CAPL)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
CrossAmerica Partners (NYSE:CAPL)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024