CrossAmerica Partners will draw on revolver for acquisition

Chicago, Aug. 24 – CrossAmerica Partners LP will draw on its revolving credit facility for an announced pending acquisition of assets of Community Service Stations, according to a press release.

The assets consist of wholesale fuel supply contracts to 39 dealer owned locations, 34 subjobber accounts and two commission locations. The supply contracts include about 75 million gallons of fuel annually through such fuel brands as Exxon Mobil, Shell, Gulf and others.

The company will use the revolver and cash on hand for the acquisition that is expected to close in the fourth quarter.

Matrix Capital Markets Group, Inc. served as exclusive financial adviser to Community Service Stations, Inc.

CrossAmerica is a wholesale distributor of motor fuels and an owner and lessor of real estate used in the retail distribution of motor fuels. The company is based in Allentown, Pa.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.