CrossAmerica Closes State Oil Acquisition
ALLENTOWN, Pa. — CrossAmerica Partners LP has closed on its $45 million acquisition of State Oil Co. and certain related retail assets and wholesale fuels distribution business.
Libertyville, Ill.-based State Oil’s portfolio consisted of three company-operated retail convenience stores, 50 lessee dealers, 24 supply accounts, two nonfuel tenant locations and three nonoperating sites. The transaction included the real estate at 57 locations and the leasehold interest at one site.
The seller-financed land contracts associated with five of the company’s supply accounts were also included in the transaction.
With the exception of one site located in Wisconsin, all of the stores are located in the greater Chicago metropolitan area.
In separate but related transactions, State Oil sold or is under contract to sell four locations owned in fee simple to three other unrelated buyers.
After buying State Oil in 1973, Peter and Bill Anest grew the company over more than 40 years into one of the largest petroleum distributors in the greater Chicago area.
In the past five years, State Oil worked with Richmond, Va.-based merger-and-acquisition advisory service Matrix Capital Markets Group Inc. as its owners have evaluated their strategic business plans, which ultimately culminated in the decision to sell the company.
Allentown, Pa.-based CrossAmerica Partners is a leading wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of CST Brands Inc., San Antonio. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to more than 1,250 locations and owns or leases more than 800 sites. Its geographic footprint covers 29 states.
Recently, Laval, Quebec-based Alimentation Couche-Tard announced that it is acquiring U.S.-based c-store retailer CST Brands Inc. for $4.43 billion including the value of CST’s equity participation in CrossAmerica Partners LP.
