CrossAmerica Partners LP reiterated its guidance following the announcement that the Board of Directors of CST Brands Inc., the owner of the general partner of the Partnership, will be exploring strategic alternatives.
Cross America Partners is headquartered in Allentown, Pa., and is a wholesale fuels distributor, convenience store operator, and owner and lessor of real estate used in the retail distribution of motor fuels. CrossAmerica Partners’ general partner, CrossAmerica GP LLC, is a wholly-owned subsidiary of CST Brands Inc.
“While the Board of Directors at CST conducts its review of strategic alternatives, we intend to continue to execute on our strategic plans for growth, including our acquisition of 31 convenience stores from SSG Corp. expected to close later this month,” said Jeremy Bergeron, president of CrossAmerica. “We are reaffirming our guidance on distribution per unit growth this year of 5-7% and long term coverage ratio of 1.1x.”