ALLENTOWN, Pennsylvania, November 10, 2022 (GLOBE NEWSWIRE) — cross america announcement Closing of Acquisition of Public Service Station Assets
- cross america acquisitions Wholesale fuel supply portfolio of of Greater Boston Area
- Approximately 75 million gallons total of supply contract
ALLENTOWN, Pennsylvania, November 10, 2022 – CrossAmerica Partners LP (NYSE: CAPL) today completed an agreement to acquire certain assets of a previously announced Community Service Station for a purchase price of $27.5 million plus working capital. announced that
The assets consist of 38 dealer-owned locations, 35 sub-job accounts, and wholesale fuel supply contracts to two consignment locations (one fee-based and one lease). The supply agreement includes approximately 75 million gallons of fuel annually through fuel brands such as Exxon Mobil, Shell and Gulf.
The acquisition was funded with cash on hand and unused capacity under CrossAmerica’s Revolving Credit Facility. The partnership expects the acquisition to immediately increase cash flows available for distribution to the limited partners.
Matrix Capital Markets Group, Inc. acted as exclusive financial advisor to Community Service Stations, Inc.
almost cross america Partners LP
CrossAmerica Partners is a leading wholesaler of motor fuel, operator of convenience stores, and owner and lessor of real estate used for the retail distribution of motor fuel. Its General Partner, CrossAmerica GP LLC, is indirectly owned and controlled by affiliates of Joseph V. Topper, Jr., founder of CrossAmerica Partners and a member of the General Partners’ Board of Directors since 2012. I’m here. CrossAmerica Partners LP was founded in 2012. is a distributor of branded and unbranded automotive oil in the United States, distributing fuel to approximately 1,750 locations and owning or leasing approximately 1,150 sites. With a geographic footprint that covers 34 states, the partnership has established relationships with several major oil brands including ExxonMobil, BP, Shell, Sunoco, Valero, Gulf, Sitgo, Marathon and Phillips 66. increase. It ranks among the top 10 other brands by volume of fuel in the United States. For more information, please visit www.crossamericapartners.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this release that state future expectations or projections of the partnership or management are forward-looking statements. The words “believe,” “expect,” “should,” “intend,” “estimate,” “target,” and other similar expressions refer to forward-looking statements. It is important to note that actual results may differ materially from those projected by such forward-looking statements. For more information regarding factors that could cause actual results to differ from those expressed or projected, please see CrossAmerica’s Form 10-K or Form 10-Q filed with the Securities and Exchange Commission. The Partnership undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
contact address
Investor:
Randy Palmer, 210-742-8316
rpalmer@caplp.com
