The recent transaction between Valentine Stores and Sunoco LP will expand Sunoco’s presence in Upstate New York.
One of Sunoco LP’s wholly owned subsidiaries has now completed the acquisition of a retail convenience store business from Valentine Stores Inc.
The acquisition includes 18 company-operated locations that serve Upstate New York market and sell approximately 20 million gallons of fuel annually and one standalone Tim Hortons restaurant. As part of the transaction, Sunoco’s subsidiary acquired a total of 19 fee properties, one leased property and three raw tracts of land for future store development. This acquisition strengthens Sunoco’s existing convenience store business in the Upstate New York market.
The purchase price for this transaction was $76.4 million and was funded using amounts available under Sunoco’s revolving credit facility. This transaction is expected to be immediately accretive to Sunoco with respect to distributable cash flow.