WATERTOWN, N.Y. — Valentine Stores Inc. is effectively exiting the convenience store channel with the sale of its retail business to Sunoco LP.
Watertown-based Valentine Stores inked a definitive agreement with a wholly owned subsidiary of Sunoco for 18 convenience store locations in upstate New York.
The transaction is anticipated to close in the second quarter, subject to confirmatory due diligence and other customary closing conditions.
This deal includes 18 Valentine Stores locations, which include two Tim Hortons and five Subway quick-service restaurants inside of these locations. Additionally, one standalone Tim Hortons and one Tim Hortons in a convenience store operated by a third party are include in the transaction.
Robert Valentine of Trefethen Advisors LLC is serving as advisor to Valentine Stores in this transaction.
This is the second acquisition deal for Sunoco in the past week. Affiliates of the company reached an agreement with Kolkhorst Petroleum Inc. to buy the Rattlers convenience store chain in Texas, which counts 14 stores, along with the Kolkhorst's wholesale motor fuel distribution business, as CSNews Online previously reported.
Houston-based Sunoco is a master limited partnership that operates approximately 1,340 convenience stores, including the APlus, Stripes, Aloha Island Mart and Tigermarket brands, and retail fuel sites. It distributes motor fuel to c-stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites. Houston-based Energy Transfer Equity LP owns Sunoco's general partner and incentive distribution rights.