CrossAmerica Partners LPNYSE
CrossAmerica Partners Could Be A Turnaround Story In The Making
Tristan R. Brown
Tristan R. Brown
Fri, Jul. 15, 7:54 AM
- CrossAmerica Partners (NYSE:CAPL) agrees to acquire assets of State Oil Co., one of the largest fuel distributors in Illinois, for $45M.
- CAPL says the locations sell more than 60M gallons of fuel annually through supply contracts with Marathon, Citgo, Phillips 66, Mobil, BP, Shell and others.
- CAPL expects the acquisition to be accretive to distributable cash flow.
Dec. 10, 2014, 5:58 PM
- CrossAmerica Partners (NYSE:CAPL) agrees to acquire Erickson Oil Products, operator of 64 convenience stores and gasoline stations located in Minnesota and some surrounding states, for $85M.
- For the year ending Oct. 31, the stores sold ~68M gallons of motor fuel and totaled ~$95M in non-fuel revenue.
- CAPL initially intends to operate the convenience stores within the partnership and expects to transfer the operation of certain sites over time to its CST Brands (NYSE:CST) parent.
Aug. 6, 2014, 6:55 PM
- CST Brands (NYSE:CST) agrees to acquire the membership interests of Lehigh Gas GP, the general partner of Lehigh Gas Partners (NYSE:LGP), for cash and stock valued at ~$85M.
- CST, a retailer of motor fuels and convenience merchandise, expects the deal will provide access to capital through a growth-oriented MLP vehicle to execute its long-term strategic plan.
- The deal does not involve any of the common or subordinated units of LGP, which will continue to operate as a separate, publicly-traded MLP.
- Also, CST's board authorizes the repurchase of $200M of company shares.
- CST +14.8%, LGP +11.6% AH.
May 1, 2014, 4:36 PM| May 1, 2014, 4:36 PM