Sunoco LP Completes Rattlers & Valentine Stores Acquisitions

DALLAS — Sunoco LP, through wholly owned subsidiaries, completed the acquisition of 32 convenience stores in two separate transactions.

The first transaction involved 18 Valentine Stores locations, as well as five Subway sites and one Tim Hortons quick-service restaurant in upstate New York from Watertown, N.Y.-based Valentine Stores Inc. for $76.4 million. These sites, located in the counties of Jefferson, Lewis and St. Lawrence, sell approximately 20 million gallons of fuel annually.

Also included in the transaction are three raw tracts of land for future store development. According to Sunoco, a master limited partnership (MLP), this acquisition strengthens its upstate New York operations and is expected to be immediately accretive in terms of cash flow. Funds to make the purchase will be taken from Sunoco’s revolving credit facility.

The second transaction involved 14 c-stores branded under the Rattlers banner and wholesale fuel supply contracts from Navasota, Texas-based Kolkhorst Petroleum Inc. The Rattlers stores are located in the Austin, Houston and Waco areas of Texas, with five of the sites being fee properties and the remainder leased properties.

This business distributes approximately 46 million gallons of retail and wholesale fuel annually. Dallas-based Sunoco said the deal will complement its existing c-store and wholesale distribution business in Texas. 

The purchase price of the Rattlers transaction was not disclosed, but like the upstate New York deal, Sunoco said the funds to purchase these assets would come from its revolving credit facility and the acquisition will be immediately accretive in terms of cash flow.

Sunoco LP operates approximately 1,300 c-stores and gas stations, primarily under the APlus, Stripes, Aloha Island Mart and Tigermarket brands.