Your local Stripes convenience stores and gas stations have been sold, announced sellers Susser Holdings Corporation today, (Monday, April 28). The 630 convenience store locations and 50.2 percent of Susser Petroleum Partners LP sold to Energy Transfer Partners, L.P. of Dallas, for $1.8 billion dollars. Susser is Corpus Christi’s only Fortune 500 company.
Right now, the sale is in the merger agreement stage and has been unanimously approved by both the Energy Partners (ETP) and Susser boards of directors. Susser share holders will soon have the option to receive either $80.25 in cash, or 1.4506 ETP common units, or a combination of both for each share held.
“The combination with Energy Transfer Partners and Sunoco is the right next step for Susser Holdings and delivers significant value for Susser Holdings shareholders,” said Susser chairman and CEO Sam Susser in a press release Monday. “This transaction also enables our shareholders who elect ETP units to participate in the future growth of the retail business,”
Susser has proven a good investment for shareholders. It has what Marketwatch called “a remarkable track record of sustained earnings growth,” reporting 25 consecutive years of increases in merchandise and fuel sales. Revenues for 2013 came in at $6.2 billion, a 9.2 percent increase from the year before.
The company bought 47 Sac-N-Pac convenience stores for $88 million in January. A new 7,500-square-foot Stripes travel center is currently under construction and should open in mid-summer. The new Stripes is located at the intersection of Interstate 37 and U.S. Hwy 50. in George West.
