Sunoco LP acquired Susser Holdings in 2015 for about $1.9 billion. Its main assets included the chain of approximately 680 Stripes-branded convenience stores in Texas, New Mexico and Oklahoma, as well as fuel sales to around 85 dealers.

The majority of the Stripes locations included foodservice, primarily through its proprietary Laredo Taco concept, which was a big driver of Stripes in-store sales, as well as sales of beverages and other high-margin purchases for customers who come in for the fresh, handmade tacos.

Susser provided Sunoco—a master limited partnership (MLP)—with a platform for significant growth. Its wholly owned subsidiary, Sunoco Inc., operated about 440 c-stores and retail fuel sites. Susser had a robust organic growth platform through its new-to-industry (NTI) store building program, and a successful track record of acquiring growth. It attributed 59% of its growth to organic net-new store builds and 41% to acquisitions, the company says. Sunoco would eventually sell the Stripes stores to 7-Eleven. (See No. 8.)