CrossAmerica Partners acquires 106 c-stores from 7-Eleven
Vast majority of the sites currently operate under the Speedway brand, and all sites will be rebranded at closing.
CrossAmerica, a leading wholesale fuels distributor and convenience store operator, has entered into a definitive agreement to acquire 106 convenience store from 7-Eleven for $263 million.
The sites to be acquired consist of company-operated sites that are being sold by 7-Eleven as part of a divestiture process in connection with its previously announced acquisition of Speedway. The vast majority of the sites are currently operating under the Speedway brand, and all sites will be rebranded in connection with the closing. A
total of approximately 160 million gallons of motor fuel were sold at these locations during the trailing twelve-month period ended October 31, 2020, in addition to aggregate merchandise sales of approximately $134 million during that period.
“We are excited to acquire these high quality assets that are complementary to our existing footprint and will allow us to benefit from increased scale in our retail operations,” said Charles Nifong, President and CEO of CrossAmerica. “The transaction provides excellent value to the Partnership and represents continued execution of the strategic plan we set in action last year.”
CrossAmerica expects to close on its acquisition of these sites on a rolling basis, beginning approximately sixty to ninety days after the closing of 7-Eleven’s transaction with Marathon.
Contenido relacionado
