ALLENTOWN, Pa. -- In order to expand its retail network in the Upper Midwest, CrossAmerica Partners LP has entered into a definitive agreement to acquire 31 franchise Holiday convenience stores located in Wisconsin and Minnesota from SSG Corp. for $48.5 million.
As reported in a McLane Co./CSP Daily News Flash, of the 31 company-operated stores, 28 are located in Wisconsin and three are located in Minnesota; 27 of the sites are owned fee simple locations.
"We are delighted to acquire this great network of stores and become a Holiday Stationstores franchisee,” said CrossAmerica president Jeremy Bergeron. “This acquisition complements our acquisition of Erickson Oil Products made in early 2015 and further solidifies CrossAmerica’s commitment to the Minnesota and Wisconsin region."
Burt Nordstrand, founder and CEO of SSG, said, “We look forward to working together with CrossAmerica on finalizing this transaction. The strength of SSG has always been our employees, and we are grateful to them for their many years of loyal service."
SSG was the first self-service gasoline company in the region and operated under the company-owned Auto Stop brand for the first 32 years and under the Holiday franchise brand for the last 13 years, he said.
The acquisition is subject to customary conditions to closing, and the companies said that they expect it to close in first-quarter 2016.
SSG Corp. is based in Hudson, Wis., and is the owner and operator of convenience stores, gas stations and liquor stores in northwestern Wisconsin and eastern Minnesota. The company was formed in July, 1971 and is owned by Burt Nordstrand and his family. Its 40 stores are operated under the Holiday brand and the company-owned Auto Stop and Northland Liquors brands.
Bloomington, Minn.-based Holiday Stationstores has approximately 500 stores located throughout 10 states in the northern tier region of the United States: Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Montana, Wyoming, Idaho, Washington and Alaska.
CrossAmerica Partners, Allentown, Pa., is a leading wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of San Antonio, Texas-based CST Brands Inc., one of the largest independent retailers of motor fuels and convenience merchandise in North America. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to more than 1,200 locations in 25 states and owns or leases more than 800 sites.
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