CORPUS CHRISTI, Texas -- Susser Holdings LLC said that it has entered into a definitive agreement under which it will receive a strategic investment from Wellspring Capital Management LLC. Susser Holdings, through its subsidiaries, SSP Partners and Susser Petroleum Co. LP, is a major convenience store and wholesale fuel distributor in Texas and Oklahoma.
Under the agreement, Susser Holdings President and CEO Sam L. Susser and the company's management team will continue in their present roles and will maintain a significant equity stake in the company.
Sam Susser said, We are delighted [image-nocss] to announce our new partnership with Wellspring. Wellspring has a long history of investing in retail and consumer companies to foster growth and expansion over the long-term. This is an exciting transaction for everyone involved and will provide a tremendous platform for Susser Holdings' next stage of growth.
William F. Dawson Jr., a partner at Wellspring Capital Management, said, "Susser Holdings' skilled management team, significant market penetration and strong Southwestern roots make the company an attractive investment for Wellspring Capital. We look forward to working with Sam L. Susser and his management team to support the company's continued development and expansion.
The investment is subject to customary conditions, including the funding of the transaction pursuant to existing financing commitments, and is expected to close before year-end.
Susser Holdings, through its subsidiary, SSP Partners, is a third-generation, family-owned business that operates more than 319 retail c-stores in Texas and Oklahoma, and distributes motor fuel to more than 349 branded dealer units and 25 unattended units through its wholesale fuel division. There are 130 Laredo Taco Co. restaurants inside the retail c-stores.
Wellspring is a New York City-based private equity firm that manages more than $2 billion in equity capital. The firm is focused on acquiring companies where it can realize substantial value by contributing management expertise, innovative operating and financing strategies and capital.
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