Sunoco LP Completes Acquisition of Susser Holdings
HOUSTON, July 31, 2015 /PRNewswire/ -- Sunoco LP (NYSE: SUN) announced today that it has completed the
acquisition of Susser Holdings Corporation (SHC) from ETP Holdco Corporation and Heritage Holdings, Inc., wholly
owned subsidiaries of Energy Transfer Partners, L.P. (NYSE: ETP). The transaction is valued at approximately $1.93
billion. SUN paid $966.9 million in cash and issued ETP's subsidiaries approximately 21.98 million SUN units, valued
at approximately $966.9 million. In addition, there will be an exchange for 11 million SUN units owned by SHC for
another 11 million new SUN units to a subsidiary of ETP.
The transaction is expected to be slightly accretive to SUN with respect to distributable cash flow in 2015 and
significantly accretive thereafter.
SHC's assets consist primarily of approximately 680 Stripes® branded convenience stores that sell motor fuel and
merchandise in Texas, Oklahoma and New Mexico. Stripes® is the leading independent operator of convenience
stores in Texas based on store count and retail motor fuel volumes sold. The majority of the Stripes® locations
include food service, primarily through its proprietary Laredo Taco Company concept, which serves fresh, hot,
made-to-order Mexican food.
For SUN, the addition of significant size and scale will deliver new organic growth opportunities and enhance its
ability to focus on a broad range of third-party acquisition opportunities. The dynamic EBITDA growth at SHC
creates a strong runway for increasing distributable cash flow beginning in 2016.
Management expects that all income from SHC's operations will be considered non-qualifying for tax purposes to
SUN and as such SHC will be owned by SUN's indirect wholly owned subsidiary, Susser Petroleum Property
Company, LLC ("PropCo"). SUN anticipates that cash taxes at PropCo going forward will be minimal.
SUN has posted a slide presentation providing additional details of the transaction to the Investor Relations portion
of its website at under Events & Presentations.
Sunoco LP (NYSE: SUN) is a master limited partnership (MLP) that primarily distributes motor fuel to
convenience stores, independent dealers, commercial customers and distributors. SUN also operates more than
830 convenience stores and retail fuel sites. SUN conducts its business through wholly owned subsidiaries, as well
as through its 31.58 percent interest in Sunoco, LLC, in partnership with an affiliate of its parent company, Energy
Transfer Partners, L.P. While primarily engaged in natural gas, natural gas liquids, crude oil and refined products
transportation, ETP also operates a retail and fuel distribution business through its interest in Sunoco, LLC, as well
as wholly owned subsidiary, Sunoco, Inc., which operate approximately 440 convenience stores and retail fuel sites.
For more information, visit the Sunoco LP website at
Forward-Looking Statements
This news release contains "forward-looking statements" which may describe SUN's objectives, expected results of
operations, targets, plans, strategies, costs, anticipated capital expenditures, potential acquisitions, new store
openings and/or new dealer locations, management's expectations, beliefs or goals regarding proposed
transactions between ETP and SUN, the expected timing of those transactions and the future financial and/or
operating impact of those transactions, including the anticipated integration process and any related benefits,
opportunities or synergies. These statements are based on current plans, expectations and projections and involve
a number of risks and uncertainties that could cause actual results and events to vary materially, including but not
limited to: execution, integration, environmental and other risks related to acquisitions (including the Susser drop-
down, and future drop-downs) and our overall acquisition strategy; competitive pressures from convenience stores,
gasoline stations, other non-traditional retailers and other wholesale fuel distributors located in SUN's and Sunoco,
LLC's markets; dangers inherent in storing and transporting motor fuel; SUN's or Sunoco, LLC's ability to renew or
renegotiate long-term distribution contracts with customers; changes in the price of and demand for motor fuel;
changing consumer preferences for alternative fuel sources or improvement in fuel efficiency; competition in the
wholesale motor fuel distribution industry; seasonal trends; severe or unfavorable weather conditions; increased
costs; environmental laws and regulations; dangers inherent in the storage of motor fuel; reliance on suppliers to
provide trade credit terms to adequately fund ongoing operations; acts of war and terrorism; dependence on
information technology systems; SUN's and ETP's ability to consummate any proposed transactions, or to satisfy
the conditions precedent to the consummation of such transactions; successful development and execution of
integration plans; ability to realize anticipated synergies or cost-savings and the potential impact of the transactions
on employee, supplier, customer and competitor relationships; and other unforeseen factors. For a full discussion
of these and other risks and uncertainties, refer to the "Risk Factors" section of SUN's and ETP's most recently filed
annual reports on Form 10-K and quarterly report on 10-Q for the quarter ending March 31, 2015. These forward-
looking statements are based on and include our estimates as of the date hereof. Subsequent events and market
developments could cause our estimates to change. While we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim any obligation to do so, even if new information
becomes available, except as may be required by applicable law.
Scott Grischow
Director – Investor Relations and Treasury
(361) 884-2463,
Dennard-Lascar Associates
Anne Pearson
(210) 408-6321,
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SOURCE Sunoco LP; Energy Transfer Partners, L.P.