Susser's acquisition, as reported in a CSP Daily News Flash yesterday, includes leaseholds for 24 stores and the real estate underlying one property. Twenty-three of the stores are located across Texas and two are in Louisiana.
"Texas is our sweet spot, but Texas and the surrounding states is really our primary focus," Mary Sullivan, chief financial [image-nocss] officer of Susser Holdings, told CSP Daily News. "[This deal] does give us some different areas in Taxes that we're not currently in, and then the two in Louisiana."
Susser's wholesale fuel business currently supplies fuel to 11 of the 25 stores. The company expects to sublet the majority of the locations to independent operators through its wholesale segment.
"While most of these are leaseholds we're entering into, we'll sublet to dealers through our wholesale channel for the bulk of them," Sullivan said. "We'll keep a few in our retail channel. We're working through the retail and wholesale split."
The transaction, which Sullivan said came together "fairly recently," is subject to customary closing conditions. Closing is expected to be completed by the end of August and will be funded with cash. Terms of the transaction are confidential. Sullivan said the agreement did not allow her to disclose the buyer.
"This acquisition allows us to continue expansion of our wholesale dealer network across Texas and into Louisiana," said Sam L. Susser, Susser Holdings Corp.'s president and CEO, in a statement. "The sites have all been built within the last seven years, and we are pleased to add them to our network. We expect this acquisition to be accretive during the first year."
Corpus Christi, Texas-based Susser Holdings Corp. is a third-generation family-led business that operates more than 515 convenience stores in Texas, New Mexico and Oklahoma under the Stripes and Town & Country banners. Restaurant service is available in more than 295 of its stores, primarily under the proprietary Laredo Taco Co. and Country Cookin' brands. The company also supplies branded motor fuel to approximately 370 independent dealers through its wholesale fuel division.
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