DALLAS, June 22, 2016 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("Sunoco") announced today that one of its wholly owned subsidiaries completed the acquisition of a retail convenience store business serving the Upstate New York market from Valentine Stores, Inc. This acquisition includes 18 company-operated locations which sell approximately 20 million gallons of fuel annually and one standalone Tim Hortons restaurant. As part of the transaction, Sunoco's subsidiary acquired a total of 19 fee properties, one leased property, and three raw tracts of land for future store development. This acquisition strengthens Sunoco's existing convenience store business in the Upstate New York market.
The purchase price for this transaction was $76.4 million and was funded using amounts available under Sunoco's revolving credit facility. This transaction is expected to be immediately accretive to Sunoco with respect to distributable cash flow.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that operates approximately 1,300 retail fuel sites and convenience stores (including APlus, Stripes, Aloha Island Mart and Tigermarket brands) and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites. Our parent -- Energy Transfer Equity, L.P. (NYSE: ETE) -- owns Sunoco's general partner and incentive distribution rights. For more information, visit the Sunoco LP website at www.SunocoLP.com
Cautionary Statement Relevant to Forward-Looking Information
This press release includes forward-looking statements regarding future events. These forward-looking statements are based on Sunoco's current plans and expectations and involve a numbers of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. For a further discussion of these risks and uncertainties, please refer to the "Risk Factors" section of Sunoco's most recently filed annual report on Form 10-K and in other filings made by Sunoco with the Securities and Exchange Commission. While Sunoco may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if new information becomes available.
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SOURCE Sunoco LP