Susser Completes Acquisition of Sac-N-Pac Convenience Stores
Will operate under current brand, but may convert some to Stripes, add Laredo Taco
HOUSTON & CORPUS CHRISTI, Texas -- Susser Holdings Corp. and Susser Petroleum Partners LP have announced the closing of the previously announced acquisition of the convenience store assets and fuel distribution contracts of Sac-N-Pac Stores Inc. and 3W Warren Fuels Ltd.
The Sac-N-Pac chain includes 47 convenience stores in the southcentral Texas corridor between San Antonio and Austin. Sac-N-Pac operates its proprietary foodservice concept in 23 stores, six of which also include a branded foodservice concept.
3W Warren Fuels supplied approximately 65 million gallons of motor fuel annually to the 47 Sac-N-Pac locations and to approximately 20 independent dealer locations. Susser Petroleum Partners has taken over the wholesale fuel supply for all of these locations, which are currently branded under Exxon, Shell and Valero flags.
The acquisition is expected to be accretive to both Susser Holdings and Susser Petroleum Partners. The total purchase price was approximately $88 million plus inventories. All 47 of the Sac-N-Pac stores are fee properties. The acquisition also includes one standalone branded quick-serve restaurant, five raw tracts of land for future store development and the right to acquire two additional tracts.
Susser Holdings plans to initially operate all of the 47 stores under the Sac-N-Pac brand. Over time, the company may elect to convert some of the sites to the Stripes brand, may add the Laredo Taco Co. brand to certain locations or may elect to convert some sites to the company's wholesale dealer network.
Susser Holdings is a third-generation, family-led business based in Corpus Christi, Texas, that operates 627 convenience stores in Texas, New Mexico and Oklahoma, with 580 under the Stripes banner and 47 under the Sac-N-Pac banner. Restaurant service is available in approximately 400 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 approximately 1.6 billion gallons of motor fuel annually to Stripes stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.