Susser Holdings Acquires Wholesale Fuel &
Lubricants Distributor Serving Oilfield Clients in
Texas and Oklahoma
9/5/2013
CORPUS CHRISTI, Texas, Sept. 5, 2013 /PRNewswire/ -- Susser Holdings Corporation (NYSE: SUSS) and
Susser Petroleum Partners LP (NYSE: SUSP) today announced that SUSS has completed the acquisition of
Gainesville Fuels Inc., which operates a wholesale fuel and lubricants distribution business selling
approximately 60 million gallons of diesel annually to oil and gas producers in northern Texas and southern
Oklahoma. SUSS will contribute the acquired company to SUSP.
"We would like to extend a warm welcome to the employees and customers of Gainesville Fuel. The
Gainesville acquisition gives us access to new geographic wholesale markets in North Texas and Southern
Oklahoma," said Sam L. Susser , president and chief executive officer of Susser Holdings.
"By combining the Gainesville business with our existing commercial fuels business serving customers in the
Permian basin, we expect to realize operating and procurement synergies. We also have the opportunity to
expand sales to existing customers in these new service areas," Susser said.
Management expects that the contribution of the company to SUSP will occur within the next few days. In
connection with this value-for-value exchange, SUSP will assume Gainesville's existing indebtedness and
certain other liabilities, and will issue $2.0 million in SUSP common units to SUSS. SUSS expects to
immediately record a one-time non-CASH deferred tax charge of approximately $3.6 million arising from the
contribution of goodwill from a taxable entity (SUSS) to a non-taxable entity (SUSP) in connection with this
transaction.
Beginning in 2014, the acquisition is expected to generate annual incremental distributable cash flow for SUSP
of $0.05 to $0.10 per common unit, and approximately $0.03 to $0.07 of incremental earnings per common
share for SUSS, excluding any synergies.
Raymond James & Associates, Inc. acted as advisor for Gainesville Fuels in this transaction.
New Locations Update
Susser Holdings has opened six new large-format Stripes® convenience stores to date during the third quarter,
bringing the total new store builds for the year-to-date to 16. SUSP completed a $13.3 purchase and leaseback
transaction for four Stripes stores in late August and also purchased one additional site from SUSS which will
be leased to an independent operator in its fuel distribution business. Since its initial public offering in
September 2012, SUSP has completed the purchase and leaseback of 26 Stripes stores for a cumulative cost of
$103.0 million, including post-completion true-up.
Susser Holdings Corporation is a third-generation family led business based in Corpus Christi, Texas that
operates approximately 570 convenience stores in Texas, New Mexico and Oklahoma under the Stripes banner.
Restaurant service is available in approximately 365 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
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Partners LP, which distributes over 1.5 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.
Forward-Looking Statements
This news release contains "forward-looking statements." These statements, including estimates as to the
incremental distributable CASH flow and earnings per share impact of the Gainesville acquisition, 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 changes in oil and gas exploration and production activity or
processes—or changing competitive dynamics—in the geographic regions in which Gainesville operates, either
of which could impact the demand for and/or profitability of Gainesville's business and negatively affect its
contribution to those companies' results of operations.
Additionally, the general business risks associated with Susser Holdings' and Susser Petroleum's respective
businesses could impact Susser Petroleum's ability to integrate Gainesville in the manner or within the
timeframe contemplated by management, or to fully achieve anticipated synergies or long-term growth in
customer base. 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 10-Q as well as the "Risk Factors" section of Susser Petroleum's annual report on
form 10-K for the year ended December 31, 2012 and subsequent quarterly reports on Form 10-Q. 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.
Contacts:
Susser Holdings Corporation Dennard-Lascar Associates
Susser Petroleum Partners LP Anne Pearson, Senior Vice President
Mary Sullivan, Chief Financial Officer (210) 408-6321, apearson@dennardlascar.com
(361) 884-2463, msullivan@susser.com Ben Burnham, Vice President
(773) 599-3745, bburnham@dennardlascar.com
SOURCE Susser Holdings Corporation; Susser Petroleum Partners LP
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