Susser Completes Acquisition of Sac-N-Pac
HOUSTON and CORPUS CHRISTI, Texas, Jan. 30, 2014 /PRNewswire/ -- Susser Holdings Corporation
(NYSE: SUSS) and Susser Petroleum Partners LP (NYSE: SUSP) today announced the closing of 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 rapidly growing 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. SUSP has taken over the wholesale fuel supply for all of these locations, which are currently branded
under Exxon, Shell and Valero flags.
The acquisition is expected to be accretive to both SUSS and SUSP. 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. SUSS plans to initially operate all of the 47 stores
under the Sac-N-Pac brand. Over time, the Company 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.
Susser Holdings Corporation is a third-generation family led business based in Corpus Christi, Texas that
operates 627 convenience stores in Texas, New Mexico and Oklahoma, with 580 under the Stripes® banner
and 47 under the Sac-N-Pac banner. Restaurant service is available in approximately 400 of its stores, primarily
under the proprietary Laredo Taco Company® brand. Susser Holdings also is majority owner and owns the
general partner of Susser Petroleum Partners LP, which distributes approximately 1.6 billion gallons of
motor fuel annually to Stripes® stores, independently operated consignment locations, convenience stores and
retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico,
Oklahoma and Louisiana.
This news release contains "forward-looking statements." These statements are based on current plans and
expectations and involve a number of risks and uncertainties that could cause actual results and events to vary
materially, including changing competitive dynamics in the geographic regions in which Sac-N-Pac and 3W
Warren Fuels operate, which could impact the their profitability and negatively affect their contribution to
Susser's results of operations.
Additionally, the general business risks associated with Susser Holdings' and Susser Petroleum's respective
businesses could impact the ability to integrate Sac-N-Pac and 3W Warren Fuels in the manner or within the
timeframe contemplated by management, or to fully achieve anticipated synergies or long-term growth. For a
full discussion of those general business risks, please refer to the "Risk Factors" section of Susser Holdings'
annual report on Form 10-K for the year ended December 30, 2012 and subsequent quarterly reports on Form