Loading, Please Wait...
CrossAmerica Partners and Applegreen Announce Definitive Agreement
ALLENTOWN, PA (June 26, 2019) – CrossAmerica Partners LP (NYSE: CAPL) announced today that it has entered into a definitive agreement with Applegreen plc (AIM/ESM: APGN) for the global roadside convenience retailer to operate 46 company operated retail sites in the U.S. Upper Midwest.
As part of this agreement, CrossAmerica will enter into a master fuel supply and master lease agreements with Applegreen. The deal is expected to close in the third quarter of 2019.
Gerardo Valencia, CEO and President of CrossAmerica, stated, “We are pleased to continue to expand our relationship with Applegreen. They are strong world class operators and we expect that they will have a positive impact operating these sites in the Upper Midwest. At the completion of this this transaction, we will have dealerized all of our remaining company-operated sites and our sole focus will be on our wholesale operations partnering with strong operators to deliver our promise to the end consumer.”
Bob Etchingham, Chief Executive of Applegreen said: "Following significant acquisitions on the east coast of the USA in the past two years, we are delighted to announce our first major acquisition in the mid-west. We consider this group of sites to be a good fit for our business given the convenience of its locations centered in the large metropolitan area of Minneapolis-St. Paul and we are happy to expand on our existing relationship with CAP in the USA. We believe that this acquisition represents an opportunity to establish a significant presence in another market in the USA while leveraging our existing management and operational capabilities."
About CrossAmerica Partners LP
CrossAmerica Partners is a leading wholesale distributor of motor fuels and owner and lessor of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of Alimentation Couche-Tard Inc. 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 over 1,200 locations and owns or leases approximately 900 sites. With a geographic footprint covering 31 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo, Marathon and Phillips 66. CrossAmerica Partners ranks as one of ExxonMobil's largest distributors by fuel volume in the United States and in the top 10 for additional brands. For additional information, please visit www.crossamericapartners.com.
Applegreen is a convenience food and beverage retailer and operator of petrol forecourts and motorway service areas with a major presence in the Republic of Ireland, the United Kingdom and the USA. The Group has 472 sites as of December 31, 2018, across the Republic of Ireland (193 sites), United Kingdom (158 sites) and United States (121 sites) and has 10,700 employees. Applegreen is the number one Motorway Service Area operator in the Republic of Ireland and the number two Motorway Service Area operator in the United Kingdom.
Forward Looking Statement
Statements contained in this release that state the Partnership’s or management's expectations or predictions of the future are forward-looking statements. The words "believe," "expect," "should," "intends," "estimates," "target," "plan" and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica's Forms 10-Q or Form 10-K filed with the Securities and Exchange Commission and available on CrossAmerica's website at www.crossamericapartners.com. The Partnership undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Contact - Randy Palmer, Investor Relations, 210-742-8316