ALLENTOWN, Pa. --CrossAmerica Partners LP has entered into a definitive agreement to acquire the One Stop convenience-store network based in Charleston, W.Va.
"We are delighted to acquire the One Stop portfolio,” said CEO Joe Topper. "Michael Graney, president of One Stop, has built a regional powerhouse organization with a strong basis for future growth. This acquisition further solidifies CrossAmerica’s commitment to West Virginia and Virginia."
Michael Graney, president of One Stop, said, "We are excited to join the CrossAmerica team and look forward to a bright future for our valued and loyal employees and customers and the communities we serve."
As reported in a 21st Century Smoke/CSP Daily News Flash, the transaction includes 41 company-operated One Stop convenience stores, four commission agent sites, nine dealer fuel-supply agreements and one freestanding franchised quick-service restaurant (QSR).
Of the 45 company-operated and commission agent sites, 30 are owned fee simple locations. Five of the company-operated locations have quick service restaurants.
For the 12-month period ended Dec. 31, 2014, the aggregate 54 sites sold approximately 36 million gallons of motor fuel primarily under the Marathon and Exxon fuel brands, and had approximately $40.5 million in inside sales.
CST Brands Inc. and CrossAmerica Partners also announced two dropdown transactions totaling approximately $261.5 million. The One Stop and dropdown deals are subject to customary conditions to closing, including financing, and the companies expect them to close in third-quarter 2015.
CST Brands is one of the largest independent retailers of motor fuels and convenience merchandise in North America. Based in San Antonio, it has approximately 1,900 locations throughout the southwestern United States, New York and eastern Canada. In the United States, CST Corner Stores sell fuel and signature products such as Fresh Choices baked and packaged goods, U Force energy and sport drinks, Cibolo Mountain coffee, FC Soda and Flavors2Go fountain drinks. In Canada, CST is the exclusive provider of Ultramar fuel and its Dépanneur du Coin and Corner Stores sell signature Transit Café coffee and pastries. CST also owns the general partner of CrossAmerica Partners.
Allentown, Pa.-based CrossAmerica Partners is a leading wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. Formed in 2012, CrossAmerica Partners distributes fuel to more than 1,100 locations and owns or leases more than 750 sites in 21 states: Pennsylvania, New Jersey, Ohio, Florida, New York, Massachusetts, Kentucky, New Hampshire, Maine, Tennessee, Maryland, Delaware, Illinois, Indiana, West Virginia, Virginia, Texas, Minnesota, Michigan, Wisconsin and South Dakota. CrossAmerica also distributes fuel in Georgia and North Carolina.
It has long-term established relationships with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf and CITGO.
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