Sunoco LP Completes Aloha Petroleum Acquisition
100-store deal extends market, expands capabilities into refined products terminals
HOUSTON & HONOLULU -- Sunoco LP said that it has completed the acquisition of Honolulu-based Aloha Petroleum Ltd., a transaction that it announced in late July 2014.
Aloha Petroleum is the largest independent gasoline marketer and one of the largest convenience store operators in Hawaii, with an extensive wholesale fuel distribution network and six fuel storage terminals on the islands. Aloha Petroleum currently markets through approximately 100 Shell, Aloha and Mahalo branded fuel stations throughout the state, about half of which are company operated.
The Aloha Petroleum acquisition extends Sunoco LP's business into one of the fastest-growing markets in the United States and expands its capabilities into refined products terminals.
Total purchase price was approximately $240 million, subject to a post-closing earnout, certain closing adjustments and before transaction costs and expenses.
Houston-based Sunoco LP (formerly Susser Petroleum) is a master limited partnership (MLP) that primarily distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors. It also operates more than 100 convenience stores and retail fuel sites. Its general partner is a wholly owned subsidiary of Dallas-based Energy Transfer Partners LP (ETP). While primarily engaged in natural gas, natural gas liquids, crude oil and refined products transportation, ETP also operates a retail business with a network of more than 5,500 company or independently operated retail fuel outlets and convenience stores through its wholly owned subsidiaries, Sunoco Inc. and Stripes LLC.