Mergers & Acquisitions

Retailer 'Solidifies Commitment' to Midwest

Finalizes purchase of SSG's Holiday Stationstores in Minnesota, Wisconsin markets

ALLENTOWN, Pa. -- Solidifying its footprint in the Upper Midwest, CrossAmerica Partners LP has closed on the previously announced purchase of 31 franchise Holiday Stationstores located in Wisconsin and Minnesota from SSG Corp.

Holiday Stationstores CrossAmerica SSG

Of the 31 company-operated stores, 28 are located in Wisconsin and three are located in Minnesota. CrossAmerica also purchased the land associated with 27 of the sites.

This acquisition complements CrossAmerica's early 2015 acquisition of Erickson Oil Products, president Jeremy Bergeron said at the time. It "further solidifies CrossAmerica’s commitment to the Minnesota and Wisconsin region," he said.

"We are excited to finalize the purchase of these quality stores from SSG Corp. and become a Holiday Stationstores franchisee," Bergeron said this week. "This now brings our number of fuel distribution locations to 95 in the upper Midwest market, and over 1,250 nationally."

The partnership financed all of the approximately $48.5 million purchase price, as well as inventory and closing costs, under its credit facility. The partnership expects the acquisition to be immediately accretive to distributable cash flow to limited partners.

Hudson, Wis.-based SSG, formed in 1971, was the first self-service gasoline company in the region and operated under the company-owned Auto Stop brand for the first 32 years and under the Holiday franchise brand for the past 13 years.

Holiday Stationstores, Bloomington, Minn., has 500 convenience stores throughout 10 states in the northern tier of the United States: Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Montana, Wyoming, Idaho, Washington and Alaska.

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. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of convenience-store retailer CST Brands Inc., San Antonio. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to more than 1,250 locations and owns or leases more than 800 sites. With a geographic footprint covering 29 states, the partnership has relationships with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, CITGO and Marathon.

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