CrossAmerica Reaches Deal for Certain State Oil Co. Assets
ALLENTOWN, Pa. — CrossAmerica Partners LP is building up its Midwest portfolio in a deal with State Oil Co.
The $45-million agreement calls for CrossAmerica to acquire certain assets of Libertyville, Ill.-based State Oil. The assets consist of 59 fee sites, including 55 lessee dealer accounts, 25 independent dealer accounts, three company-operated locations, two non-fuel sites and certain other assets.
The locations sell more than 60 million gallons of fuel annually through supply contracts with several oil companies such as Marathon, CITGO, Phillips 66, Mobil, BP, and Shell.
"We are excited to acquire the assets of one of the largest fuel distributors in Illinois," CrossAmerica President Jeremy Bergeron said. "This acquisition not only provides us with valuable properties in the greater Chicago market, but it also further expands our fuels business with new dealers and strengthens our relationship with several major fuel suppliers."
The acquisition, which is subject to customary conditions to closing, is expected to close in the third quarter.
State Oil is one of the largest distributorships in Illinois. Today, it owns more than 50 gas stations, and supplies more than 90 stations. State Oil self operates many of the stations while leasing out the remainder to independent operators.
Allentown-based CrossAmerica Partners is a wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of CST Brands Inc.
CrossAmerica Partners is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to more than 1,250 locations and owns or leases more than 800 sites.