FINANCE

Susser completes Sac-n-Pac acquisition

BY Dan Berthiaume

Houston — Susser Holdings Corporation and Susser Petroleum Partners LP have closed their previously announced acquisition of the convenience store assets and fuel distribution contracts of Sac-n-Pac Stores, Inc. and 3W Warren Fuels, Ltd.

The Sac-n-Pac chain includes 47 convenience stores in the South Central Texas corridor between San Antonio and Austin. Sac-N-Pac operates its proprietary food service concept in 23 stores, six of which also include a branded food service concept. 3W Warren Fuels supplied approximately 65 million gallons of motor fuel annually to the 47 Sac-N-Pac locations and to approximately 20 independent dealer locations. Susser Petroleum Partners has taken over the wholesale fuel supply for all of these locations, which are currently branded under Exxon, Shell and Valero flags.

The total purchase price was approximately $88 million plus inventories. All 47 of the Sac-n-Pac stores are fee properties. The acquisition also includes one stand-alone branded quick-serve restaurant, five raw tracts of land for future store development and the right to acquire two additional tracts. The company plans to initially operate all of the 47 stores under the Sac-N-Pac brand but may elect to convert some of the sites to the Stripes brand, may add the Laredo Taco Co. brand to certain locations or may elect to convert some sites to the company’s wholesale dealer network.

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FINANCE

Dover Saddlery expects higher revenues in Q4

BY Dan Berthiaume

Littleton, Mass. — Preliminary unaudited revenues for Dover Saddlery during the fourth quarter of fiscal 2013 exceeded revenues in the fourth quarter of 2012 by 13.8%, increasing to approximately $30.3 million. Revenues from the retail channel increased 22.6% to approximately $13.1 million and revenues from the direct channel increased 7.8% to approximately $17.2 million.

"We are very pleased that the seasonal promotions run in the fourth quarter of 2013 produced such strong results, particularly in light of the short holiday season,” said Stephen L. Day, president and CEO of Dover Saddlery. “In addition, improvements made to our online channel throughout the year yielded impressive results in the fourth quarter.”

Dover Saddlery plans to report the audited fourth quarter and full year 2013 results on or about March 27, 2014.

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OPERATIONS

L Brands names bank exec to board

BY Dan Berthiaume

Columbus, Ohio – L Brands has named Stephen D. Steinour to its board of directors. Steinour is chairman, president and CEO of Huntington Bancshares Inc., a $59 billion regional bank holding company headquartered in Columbus, Ohio.

"I am excited to welcome Steve to our board," said Leslie H. Wexner, chairman and CEO of L Brands. "I’m confident that his considerable expertise in business, finance and customer service will provide valuable insight and guidance to our company. We’re extremely fortunate that he has joined our team."

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