CrossAmerica Closes One Stop Acquisition
ALLENTOWN, Pa. — CrossAmerica Partners LP on Wednesday closed its acquisition of the Charleston, W.Va.-based One Stop convenience store network. The master limited partnership paid $183.9 million in cash, which came from its credit facility.
The acquisition includes 41 company-operated convenience stores, four commission agent sites, nine dealer fuel supply agreements and one freestanding franchised quick-service restaurant. CrossAmerica expects the acquisition to be accretive to distributable cash flow to limited partners.
"We are delighted to acquire the One Stop portfolio,” CrossAmerica CEO Joe Topper said when initially announcing the deal in June. "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."
CrossAmerica also announced Wednesday it completed its acquisition of 29 new-to-industry CST Brands Inc. convenience stores, as well as an additional 12.5-percent interest in CST Fuel Supply LP for an aggregate consideration of $142 million in cash and 3.6 million newly issued common units representing limited partner interests in CrossAmerica.
With this dropdown transaction, CST Brands now holds 5.1 million common units of CrossAmerica. San Antonio-based CST purchased 100 percent of the general partner interest in CrossAmerica last year.
Allentown-based CrossAmerica Partners was founded in 2012. It owns or leases more than 750 convenience stores and gas stations in 21 states, and distributes fuel to more than 1,100 locations.