CrossAmerica Partners LP is expanding its convenience-store network via an acquisition.
The convenience-store wholesaler and retailer has entered into an agreement to acquire 106 stores from 7-Eleven for $263 million.
The deal is made up of company-operated sites that 7-Eleven is divesting in connection with its pending $21 billion acquisition of Speedway from Marathon Petroleum Corp.
Most of the sites in the deal are operating under the Speedway brand. CrossAmerica plans to rebrand all of them.
“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 the sites on a rolling basis, beginning approximately 60 to 90 days after the closing of 7-Eleven’s transaction with Marathon Petroleum.
Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded motor fuel in the United States and distributes fuel to approximately 1,700 locations and owns or leases approximately 1,100 sites. Its geographic footprint covers 34 states.