CrossAmerica & Circle K Close Jet-Pep Acquisition
ALLENTOWN, Pa. — CrossAmerica Partners LP has completed its acquisition of certain assets of Holly Pond, Ala.-based Jet Pep for $72 million, plus working capital and closing costs.
The assets consist of 101 commission operated retail sites, including 92 fee sites, five lease sites and four independent commission accounts, as CSNews Online previously reported. The acquired locations sold nearly 91 million gallons of unbranded fuel in 2016.
Circle K Stores Inc., the general partner of CrossAmerica and a subsidiary of Alimentation Couche-Tard, also closed on its acquisition of certain other assets from Jet-Pep for an undisclosed amount. This includes a fuel terminal, associated trucking equipment and 18 other retail sites.
All cash consideration for the acquisition was financed under CrossAmerica's credit facility. It expects acquisition to be accretive to distributable cash flow to limited partners.
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.