USA: CrossAmerica closes $43m acquisition of State Oil

CrossAmerica has closed on the previously announced purchase of certain assets of State Oil Company in the Chicago market for total consideration of $43.1 million.

The assets consist of 57 controlled sites (56 fee sites and 1 leased site) being operated as 55 Lessee Dealer accounts and 2 Non-Fuel tenant locations, as well as 25 Independent Dealer accounts and certain 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, further expanding the partnership's current operations in the Chicago market where they supply over 79 million gallons to approximately 60 sites on an annual basis.

Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to more than 1,190 locations and owns or leases more than 800 sites.