The acquisition is expected to close in the fourth quarter of 2017
A definitive agreement has been entered into by CrossAmerica Partners LP to acquire certain assets of Holly Pond, AL based Jet Pep, Inc. for a total consideration of $72 million. 102 commission operated fuel service stations, including 92 fee fuel service stations, 5 lease stations and 5 independent commission accounts comprise the assets. In 2016, the locations sold nearly 91 million gallons of unbranded fuel.
Additionally, it has also been agreed that, a subsidiary of Alimentation Couche-Tard and the general partner of CrossAmerica, Circle K Stores, Inc., will purchase certain other assets from Jet Pep, Inc., including a fuel terminal, associated trucking equipment and 18 other fuel service stations for an undisclosed amount.
"We are excited to acquire the assets of one of the largest fuel supply networks in Alabama. This acquisition expands our presence in the South, and demonstrates our ability to execute on strategic M&A opportunities with our new general partner sponsor," said President and CEO Jeremy Bergeron. PWKD08082017
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