CrossAmerica Acquires One Stop Chain
ALLENTOWN, Pa. — CrossAmerica Partners LP will purchase the Charleston, W.Va.-based One Stop convenience store chain, the company announced Monday morning. The transaction is expected to close in the third quarter of 2015.
The acquisition agreement includes 41 company-operated One Stop stores, along with four commission agent sites, nine dealer fuel supply agreements and one freestanding, franchised quick-service restaurant (QSR).
Thirty of the c-stores are fee-simple locations, and five of the company-operated stores have QSRs, according to the announcement.
"We are delighted to acquire the One Stop portfolio,” stated CrossAmerica CEO Joe Topper. "Michael Graney, president of One Stop, has built a regional powerhouse organization with a strong basis for future growth. This acquisition further solidifies CrossAmerica’s commitment to West Virginia and Virginia."
In 2014, the 54 One Stop sites had approximately $40.5 million in in-store sales and sold approximately 36 million gallons of fuel, primarily under the Marathon and Exxon brands.
"We are excited to join the CrossAmerica team and look forward to a bright future for our valued and loyal employees and customers and the communities we serve," said One Stop President Michael Graney.
CrossAmerica Partners, headquartered in Allentown, is a wholly owned subsidiary of CST Brands Inc., one of the largest independent retailers of motor fuels and convenience merchandise in North America. CrossAmerica is a wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. It distributes fuel to more than 1,100 locations, and owns or leases more than 750 sites in 21 states.
On Monday, CST Brands and CrossAmerica also announced a dropdown agreement for CST to sell the real property associated with 29 recently constructed new-to-industry stores to CrossAmerica for $135.5 million. CrossAmerica will lease back all of the acquired properties to CST at a triple-net lease rate of 7.5 percent for a 10-year initial term. CrossAmerica also agreed to acquire an additional 12.5-percent limited partner interest in CST Fuel Supply LP for a total consideration of approximately $126 million.