CrossAmerica, Circle K agree to acquire 120 Jet Pep sites

CrossAmerica Partners has agreed to acquire 102 Jet Pep sites for USD 72 million, according to a company release.

Jet Pep is one of the largest fuel supply networks in Alabama selling approximately 91 million gallons of unbranded fuel in 2016.

Its fuel terminal, associated trucking equipment, and 18 other retail sites, meanwhile, were acquired by CrossAmerica's general partner, Circle K Stores, Inc., for an undisclosed amount.

"This acquisition expands our presence in the South, and demonstrates our ability to execute on strategic M&A opportunities with our new general partner sponsor," said Cross America's President and CEO Jeremy Bergeron.

The transaction is subject to customary conditions and is expected to close in the fourth quarter of 2017.