USA: CrossAmerica acquires State Oil assets for $45m

CrossAmerica Partners has acquired certain assets of Illinois-based State Oil in a deal worth $45 million.

The deal consists of 59 fee sites, including 55 Lessee Dealer accounts, 25 Independent Dealer accounts, 3 company operated locations, 2 non-fuel sites, as well as some other assets.

The locations sell over 60 million gallons of fuel annually through supply contracts with Marathon, Citgo, Phillips 66, Mobil, BP, Shell and others.

"We are excited to acquire the assets of one of the largest fuel distributors in Illinois," said President Jeremy Bergeron. "This acquisition not only provides us with valuable properties in the greater Chicago market, but it also further expands our fuels business with new dealers and strengthens our relationship with several major fuel suppliers."

Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States with a network of around 800 sites.