Houston – Susser has signed a definitive agreement to acquire substantially all of the convenience store assets and fuel distribution contracts of Sac-N-Pac Stores, Inc. and 3W Warren Fuels, Ltd.
Sac-N-Pac owns and operates 47 convenience stores in the South Central Texas corridor between San Antonio and Austin. 3W Warren Fuels supplies approximately 65 million gallons of motor fuel annually to the 47 Sac-N-Pac locations and to approximately 20 independent dealer locations. Sac-N-Pac operates branded food service concepts in six stores and operates its proprietary food service concept in nine stores.
Stripes LLC, the convenience store subsidiary of Susser Holdings, plans to acquire and initially operate the convenience store properties under the Sac-N-Pac brand until it is determined which stores will be branded Stripes and which stores may be converted to the wholesale platform.
Initially, 10-15 stores have been identified as stores that could accommodate Laredo Taco Company restaurants without substantial alterations to the existing buildings. Susser Petroleum Partners will acquire the third-party fuel supply contracts and will supply motor fuel to the convenience stores. Additionally, Stripes LLC is acquiring seven parcels of land for future development of Stripes/Laredo Taco Company units.
The transaction is subject to customary conditions to closing, including satisfactory completion of due diligence, and is expected to close in the first quarter of 2014. Terms of the transaction were not disclosed.
"This is another instance where the combination of our wholesale and retail platforms work together to create great value in making a strategic acquisition like Sac-N-Pac and Warren Fuels,” said Sam L. Susser, chairman and CEO of Susser Holdings. “We are pleased to expand our retail and wholesale operations in this rapidly growing area of Texas. We have tremendous respect for the fine retail and fuel distribution businesses that the Warren family has built, and we welcome the many dedicated employees at Sac-N-Pac to the Susser organization."