Lehigh Gas Completes Purchase of Atlas Assets

ALLENTOWN, Pa. -- Lehigh Gas Partners LP completed its previously announced asset acquisition from affiliates of Atlas Oil Co. The master limited partnership purchased 53 wholesale supply contracts, 11 fee or leasehold sites and certain other assets for $35.7 million in the Chicago area.

In addition, Lehigh Gas acquired certain other short-term financing assets for $5.2 million, bringing the total consideration to $40.9 million. Lehigh Gas used its credit facility to pay for the transaction.

"We are looking forward to entering the Chicago market and growing our business," Lehigh Gas Chairman and CEO Joe Topper said of the Atlas Oil transaction during its earnings call on May 8.

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. The company distributes fuel to more than 1,100 locations and owns and leases more than 625 sites in 14 states.