Lehigh Acquires 50 Wholesale Contracts in Virginia
ALLENTOWN, Pa. -- Lehigh Gas Partners LP has expanded its reach with the acquisition of 50 wholesale motor fuel supply contracts in the Richmond, Va., market.
The deal, with Manchester Marketing Inc., is for a total consideration of $11.1 million and consists of 45 independent dealer supply contracts, five subjobber supply contracts and certain other assets. The acquired supply contracts are primarily for branded motor fuels and the weighted average remaining term on the supply contracts is approximately nine years.
Allentown, Pa.-based Lehigh Gas Partners is a wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. Formed in 2012, Lehigh Gas Partners owns or leases more than 500 sites in 11 states: Pennsylvania, New Jersey, Ohio, Florida, New York, Massachusetts, Kentucky, New Hampshire, Maine, Tennessee, and Virginia. The company is affiliated with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco and Valero.