CrossAmerica will attain valuable properties in the Chicago area as a part of a newly announced transaction.
CrossAmerica Partners LP has entered into a definitive agreement to acquire certain assets of Libertyville, Ill. based State Oil Co. for total consideration of $45 million.
The assets consist of 59 fee sites, including 55 Lessee Dealer accounts, 25 Independent Dealer accounts, three company operated locations, two non-fuel sites and certain other assets. The locations sell over 60 million gallons of fuel annually through supply contracts with Marathon, Citgo, Phillips 66, Mobil, BP, Shell and others.
“We are excited to acquire the assets of one of the largest fuel distributors in Illinois,” said president Jeremy Bergeron. “This acquisition not only provides us with valuable properties in the greater Chicago market, but it also further expands our fuels business with new dealers and strengthens our relationship with several major fuel suppliers.”
The acquisition is subject to customary conditions to closing and is expected to close in the third quarter of 2016. CrossAmerica expects the acquisition to be accretive to distributable cash flow to limited partners.