EL DORADO, Ark.— Murphy USA Inc. has completed its acquisition of QuickChek Corp., adding 157 convenience stores in the Northeast and increasing its total station count to more than 1,650. It announced the $645 million all-cash transaction in December.
QuickChek, Whitehouse Station, N.J., is a market leader in foodservice providing local one-stop shopping featuring made-to-order subs and sandwiches, coffee, snacks and salads, hot breakfast and more.
To finance the deal, Murphy USA secured a $350 million five-year revolving credit facility and a $400 million secured term loan maturing in 2028 and priced at LIBOR plus 1.75%, as well as $500 million of 3.750% senior unsecured notes maturing in 2031. The company used these proceeds to finance the acquisition, repay and terminate in full the $200 million outstanding under the prior term loan, pay transaction costs and add cash to the balance sheet.
“We are extremely excited to welcome nearly 5,000 QuickChek employees to the Murphy USA family as we begin our joint value-creation journey together,” said President and CEO Andrew Clyde. “The future remains bright for the combined organization as we kick off the first 100 days of our integration plan where best practices and unique capabilities across each company will contribute to a more compelling value proposition for our customers, our employees and our stakeholders.”
The acquisition helps Murphy USA enhance its food and beverage offer, it said.
“In October we outlined an updated capital allocation strategy and committed to improving our food-and-beverage offer at existing and future sites,” Clyde said in announcing the deal. “This transaction greatly accelerates those efforts and benefits and is expected to provide reverse synergies across our network, while enhancing future returns on new stores. The transaction is also expected to create direct synergies that leverage our enterprise scale and our distinctive capabilities in fuel, tobacco and loyalty.”
- Murphy USA is No. 6 on CSP’s 2020 Top 202 ranking of c-store chains by size. QuickChek is No. 44.
Based in El Dorado, Ark., Murphy USA provides fuel and convenience-store merchandise through more than 1,650 gas stations in 27 states in the Southwest, Southeast, Midwest and Northeast. Many of Murphy USA’s sites are located adjacent to Walmart stores. The company also markets gasoline and other products at standalone stores under the Murphy Express brand.
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