CrossAmerica Completes Acquisition of 169 Retail Sites

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CrossAmerica Completes Acquisition of 169 Retail Sites

04/27/2020
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ALLENTOWN, Pa. — CrossAmerica Partners LP officially brought retail back to its portfolio by closing on its announced transaction for retail and wholesale assets.

The deal comprised the retail operations at 169 sites, wholesale fuel distribution to 110 sites, including 53 third-party wholesale dealer contracts, and a leasehold interest in 62 sites from a seller group that includes entities affiliated with Joe Topper, chairman of the board of CrossAmerica's general partner.

Allentown-based CrossAmerica Partners struck the deal on Jan. 15, as Convenience Store News previously reported. The agreement came several months after Alimentation Couche-Tard Inc. sold its ownership interest in CrossAmerica Partners to investment entities controlled by Topper.

The aggregate purchase price for the assets is $36 million, exclusive of inventory and in-store cash, with approximately $21 million paid in cash and approximately 0.8 million newly issued CAPL common units. The acquisition will be funded under CrossAmerica's revolving credit facility.

Formed in 2012, CrossAmerica Partners is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to approximately 1,300 locations and owns or leases more than 1,000 sites. With a geographic footprint covering 31 states, it has relationships with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, CITGO, Marathon and Phillips 66.