CrossAmerica to Acquire Jet Pep Assets
ALLENTOWN, Pa. — CrossAmerica Partners LP will acquire certain assets of Holly Pond, Ala.-based Jet Pep for $72 million.
The assets consist of 102 commission-operated retail sites, including 92 site fees, five lease sites and five independent commission accounts.
These locations sold nearly 91 million gallons of unbranded fuel in 2016, according to CrossAmerica.
Circle K Stores Inc., the general partner of CrossAmerica and a subsidiary of Alimentation Couche-Tard, has also agreed to purchase certain other assets from Jet Pep for an undisclosed amount. This includes a fuel terminal associated trucking equipment and 18 other retail sites.
"We are excited to acquire the assets of one of the largest fuel supply networks in Alabama," said CrossAmerica Partners President and CEO Jeremy Bergeron. "This acquisition expands our presence in the South, and demonstrates our ability to execute on strategic M&A opportunities with our new general partner sponsor."
The acquisition is subject to customary closing conditions and is expected to close in the fourth quarter of 2017.
Allentown-based CrossAmerica is a leading wholesale distributor of motor fuels and owner and lessor of real estate used in the retail distribution of motor fuels.