CORPUS CHRISTI, Texas -- As it announces the opening of two new convenience stores, Susser Holdings Corp.'s Stripes LLC has appointed Sid Keswani as senior vice president of store operations.
The two new locations bring the total number of new stores completed to eight since the beginning of the year, the company said.
A sale and leaseback transaction of these two new stores was completed at the end of May for a total cost of $6.7 million. This latest sale by Susser Holdings to Susser Petroleum Partners LP brings the total number of new-build store "dropdowns" to 18 since the initial public offering (IPO) of units in the partnership in September 2012. The total cost of these stores sold to Susser Petroleum Partners, including post-completion "true-up," was $73 million.
Keswani brings to Stripes more than 18 years of retail operations experience with Target, most recently as senior vice president for the Southeast region of the United States. In this role, he was responsible for driving financial performance of approximately 475 locations.
Also, Richard Sebastian, a 17-year veteran with Stripes, has taken on the role of senior vice president of facilities and construction for Susser environmental consulting, maintenance and construction subsidiary Applied Petroleum Technologies Ltd.. He will be responsible for the company's maintenance, new store and capital expenditure programs.
"With the growing complexity of adding over 30 new stores and nearly 1,000 new employees a year, we need additional organizational depth and experience," Steve DeSutter, Stripes president and CEO, said. "We are very pleased to name Sid to our management team and are confident Richard's intimate knowledge of our stores will result in meaningful process improvement and efficiencies in our maintenance and capital programs."
Susser Holdings is a third-generation, family-led business based in Corpus Christi, Texas, that operates approximately 565 c-stores in Texas, New Mexico and Oklahoma under the Stripes banner. Restaurant service is available in approximately 360 of its stores, primarily under the proprietary Laredo Taco Co. brand. Susser Holdings also is majority owner and owns the general partner of Susser Petroleum Partners LP, which distributes 1.5 billion gallons of motor fuel annually to Stripes stores, independently operated consignment locations, c-stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.
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