SAN ANTONIO -- CST Brands Inc. announced today that it had entered into a definitive agreement to acquire the Flash Foods network of convenience stores in Georgia and Florida from the Jones Co. and its affiliates.
Earlier this month, Flash Foods CEO Jimmy Jones confirmed speculation that the convenience-store chain was up for sale and that CST Brands was the likely buyer.
The purchase price for the transaction is $425 million, and the transaction is expected to close in the first quarter of 2016.
The acquisition includes:
- 164 Flash Foods convenience stores selling Flash Foods-branded fuel located in Georgia and Florida
- The sites distributed over 290 million gallons for the twelve month period ending June 30, 2015
- 21 branded Quick Service Restaurants, including three standalone locations
- A land bank of 13 real estate sites to build new-to-industry stores
- A merchandise distribution company and a 90,000 square foot distribution center that it operates in Georgia
- A fuel supply company with access to the Colonial and Plantation Pipelines, leased storage and company-owned transportation fleet, distributing fuel to the 164 sites in addition to 10 million gallons to wholesale accounts.
The Jones Co., Waycross, Ga., was advised in the transaction by Fifth Third Securities, a subsidiary of Fifth Third Bank. RBC Capital Markets LLC advised CST Brands, Inc. in the transaction.
Based in San Antonio, CST Brands employs 13,500 team members at approximately 1,900 locations throughout the United States and Eastern Canada. CST also owns the general partner of CrossAmerica Partners LP, a wholesale distributor of fuels that serves more than 1,100 locations across 23 states.
Watch for details on CSPnet.com and CSP Daily News.
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