CrossAmerica Partners LP (NYSE:CAPL) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01Completion of an Acquisition or Disposition of Assets
On November28, 2017, to the terms of the Asset Purchase Agreement (the “Purchase Agreement”) entered into on August 4, 2017 by and among (i) CrossAmerica Partners LP (“CrossAmerica” or “the Partnership”), (ii) Jet-Pep, Inc., an Alabama corporation, and (iii) other persons listed as signatories in the Purchase Agreement (collectively the “Sellers”), CrossAmerica purchased certain assets of Jet-Pep, Inc. for a total cash consideration of$72 million, plus working capital and closing costs which was financed under the Partnership’s credit facility. The assets consist of 101 commission operated retail sites, including 92 fee simple sites, the leasehold interest in 5 leased real property sites, and 4 independent commission accounts. These locations sold nearly 91 million gallons of unbranded fuel in 2016.
Item 9.01Financial Statements and Exhibits
(a) Financial Statement of Businesses Acquired
CrossAmerica intends to file the historical financial statements of Jet-Pep, Inc. for the periods specified in Rule 3-05(b) of Regulation S-X in an amendment to this report under cover of Form 8-K/A no later than 71 calendar days after the date this Current Report on Form 8-K was required to be filed.
(b) Pro Forma Financial Information
CrossAmerica intends to furnish pro forma financial information relating to the Jet-Pep, Inc. acquisition required to Article 11 of Regulation S-X in an amendment to this report under cover of Form 8-K/A no later than 71 calendar days after the date this Current Report on Form 8-K was required to be filed.
About CrossAmerica Partners LP (NYSE:CAPL)
CrossAmerica Partners LP is a limited partnership engaged in the wholesale distribution of motor fuel, and the ownership and leasing of real estate used in the retail distribution of motor fuel. The Company operates in two segments: wholesale and retail. The Company’s sites are located in Pennsylvania, New Jersey, Ohio, New York, Massachusetts, Kentucky, New Hampshire, Maine, Florida, Maryland, Delaware, Tennessee, Virginia, Illinois, Indiana and West Virginia. The Company also distributes motor fuel in Georgia and North Carolina. It distributes motor fuels at approximately 1,100 sites located in over 20 states. In addition, the Company, through One Stop convenience stores network, owns over 40 stores in Charleston, West Virginia. The Company purchases branded and unbranded motor fuel from integrated oil companies, refiners and unbranded fuel suppliers. It owns or leases and operates convenience stores and retains all profits from motor fuel and convenience store operations.