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Slide #18. Lehigh Gas Partners LP — Wholesale Motor Fuel Supply Contracts
Lehigh Gas Partners LP (LGP)
Wholesale Motor Fuel Supply Contracts
Lehigh Gas Partners LP (NYSE:LGP) announced today that it completed the acquisition of certain wholesale motor fuel supply contracts from Manchester Marketing, Inc. for a total consideration of $11.1 million. The acquisition consisted of 45 independent dealer supply contracts, 5 subjobber supply contracts and certain other assets. The acquired supply contracts are primarily for branded motor fuels and the weighted average remaining term on the supply contracts is approximately 9 years. The sites supplied under the acquired contracts are located in the Richmond, VA area.
CrossAmerica Partners LP is engaged in the distribution of motor fuels, consisting of gasoline and diesel fuel, and the ownership and leasing of real estate used in the retail distribution of motor fuels. Co. operates from the wholesale distribution of motor fuels to retail sites and from real estate leases and, on a select basis, through the retail distribution of motor fuels at certain sites. As of Dec 31 2013, Co. distributed motor fuels to 812 sites and to 16 sub-wholesalers. Co.'s sites are located in Pennsylvania, New Jersey, Ohio, New York, Massachusetts, Kentucky, New Hampshire, Maine, Florida, Maryland, Delaware, Tennessee and Virginia. Co. also distributes motor fuel in Georgia.
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Strong Buy (3.50 out of 4)
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