Better known by its long-time former name, Lehigh Gas Partners, CrossAmerica Partners LP has been under the helm of Joe Topper Jr. since the early 1990s.
The past few years have been particularly busy and eventful. In 2012, the company positioned itself as a leading distributor of branded petroleum products in the Northeast under the publicly traded company Lehigh Gas Partners LP.
In 2014, the company sold its master limited partnership to CST Brands of San Antonio. With the sale, Lehigh Gas Partners LP changed its name to CrossAmerica Partners LP effective Oct. 1, 2014, and trades under the symbol "CAPL" on the New York Stock Exchange.
Topper continues as president and CEO of the general partner and has joined the board of CST Brands. Kim Lubel, the chairman and CEO of CST Brands, assumes the role of chairman of the general partner.
Lehigh Gas Partners grew in December 2013 when it acquired all of the dealer and subjobber supply contracts from Manchester Marketing. In 2014, it also acquired Petroleum Marketers Inc. of Roanoke, Va., as well as assets from affiliates of Atlas Oil, including 55 wholesale supply contracts, 11 fee or leasehold sites, two commission marketing contracts and certain other assets, mostly in the Chicago area, for $38.5 million. The PMI deal includes, among other things, 85 convenience stores and nine co-located branded quick-service restaurants (QSRs) in Virginia, with a concentration in the Roanoke area.
Q2 2015 Update
CrossAmerica Partners LP, with partner CST Brands, entered into a definitive agreement to acquire the One Stop convenience-store chain based in Charleston, West Virginia. 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. Of the 45 company-operated and commission agent sites, 30 are owned in fee. Five of the company-operated locations have quick-service restaurants. For the year 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.
|No. of Stores:||200|
|Average Store Size:||1,000-2,500 sq. ft.|
|States of Operation:||Florida, Kentucky, Maine, Massachusetts, New Hampshire, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia|