Lehigh Valley company buying up 106 Speedway/7-Eleven locations for $263M
Allentown-based CrossAmerica Partners LP on Thursday announced it is buying 106 convenience stores from 7-Eleven Inc. for $263 million.
CrossAmerica, formed in 2012 and based at 600 Hamilton St., now owns or leases about 1,100 retail locations, and distributes fuel to about 1,800 locations. Its footprint covers 34 states.
05/17/2021
Allentown-based CrossAmerica Partners LP on Thursday announced it is buying 106 convenience stores from 7-Eleven Inc. for $263 million.
CrossAmerica, formed in 2012 and based at 600 Hamilton St., now owns or leases about 1,100 retail locations, and distributes fuel to about 1,800 locations. Its footprint covers 34 states.
7-Eleven is selling the locations in connection with its acquisition of the Speedway business from Marathon Petroleum Corp.
The sites being purchased by CrossAmerica are within its existing asset base, and most are currently operating under the Speedway brand. All sites will be rebranded once the deal closes, CrossAmerica said in a news release.
The locations being acquired sold about 160 million gallons of fuel during the 12 months through last October, in addition to merchandise sales totaling about $134 million, according to CrossAmerica.
CrossAmerica Partners’ general partner, CrossAmerica GP LLC, is indirectly owned and controlled by entities affiliated with Joseph V. Topper Jr., founder of CrossAmerica Partners and a member of the board of the general partner since 2012, according to the release.
“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,” Charles Nifong, president and CEO of CrossAmerica, says in the release. “The transaction provides excellent value to the Partnership and represents continued execution of the strategic plan we set in action last year.”
The deal is subject to 7-Eleven closing its Marathon acquisition and Federal Trade Commission approval.
CrossAmerica has relationships with major oil brands including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo, Marathon and Phillips 66.
Its business territory spans Alabama, Arkansas, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Vermont, Virginia, West Virginia and Wisconsin.
Credit: By Kurt Bresswein | For lehighvalleylive.com Updated Apr 29, 2021; Posted Apr 29, 2021
