Susser Holdings' Wholesale Division Acquires Contracts
CORPUS CHRISTI, Texas --- Susser Petroleum Co. LLC, the wholesale division of Susser Holdings Corp., acquired the assets of Dallas/Fort Worth-based Community Fuels of Texas LP. The deal includes fuel supply contacts to 121 dealer locations and fuel supply rights to 24 commercial accounts.
The transaction was funded with cash and is expected to be immediately accretive to earnings, according to the company's announcement today. The financial terms were not disclosed.
"We are pleased to increase our wholesale presence in the Dallas/Fort Worth and east Texas markets, expand our relationships with Shell, Valero, Chevron, Texaco and ConocoPhillips, and welcome these new customers and employees to our business," stated Rocky B. Dewbre, president and COO of Susser Petroleum. "This base of business provides us a platform to increase growth in the largest metropolitan area in the state of Texas."
Phil Tomczyk, president and CEO of Community Fuels of Texas, commented, "We have many great customers and know that they will be in good hands with the Susser organization."
Corpus Christi, Texas-based Susser Holdings Corp. is a third-generation family business with approximately 1,100 company-operated or contracted locations. The company operates 535 convenience stores in Texas, New Mexico and Oklahoma under the Stripes banner. It also supplies branded motor fuel to 560 independent dealers through its wholesale division.