M&A Deal Summary

CST Brands Acquires Lehigh Gas GP

On October 1, 2014, CST Brands acquired oil/gas exploration company Lehigh Gas GP from CrossAmerica for 85M USD

Acquisition Highlights
  • This is CST Brands’ 1st transaction in the Oil/Gas Exploration sector.
  • This is CST Brands’ largest (disclosed) transaction.
  • This is CST Brands’ 1st transaction in the United States.

M&A Deal Summary

Date 2014-10-01
Target Lehigh Gas GP
Sector Oil/Gas Exploration
Buyer(s) CST Brands
Sellers(s) CrossAmerica
Deal Type Divestiture
Deal Value 85M USD
Advisor(s) Barclays Investment Bank (Financial)
Skadden, Arps, Slate, Meagher & Flom LLP (Legal)

Target

Lehigh Gas GP

United States
Lehigh Gas GP LLC, the general partner of Lehigh Gas Partners LP which is engaged in the wholesale distribution of motor fuels to sub-wholesalers, independent dealers, lessee dealers, and others; and retail distribution of motor fuels.

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Buyer(S) 1

Buyer

CST Brands

San Antonio, Texas, United States

website


Category Company
Sector Retail
Employees9,951
Revenue 11.4B USD (2015)
DESCRIPTION

CST Brands, Inc. is a retailer of motor fuels and convenience merchandise in North America. Based in San Antonio, Texas, CST has approximately 1,900 locations throughout the Southwestern United States and Eastern Canada offering a broad array of convenience merchandise, beverages, snacks and fresh food.


DEAL STATS #
Overall 1 of 4
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 3
Country (United States) 1 of 4
Year (2014) 1 of 3
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 Nice N Easy Grocery Shoppes

Canastota, New York, United States

Nice N Easy operates 77 corporate and franchise stores in Central New York. Nice N Easy has been at the forefront of the foodservice growth in convenience stores with the presence of its own Easy Street Eatery concept in many of its corporate stores.

Buy -

Seller(S) 1

SELLER

CrossAmerica

Allentown, Pennsylvania, United States

website


Category Company
Founded 1992
Sector Energy Services and Equipment
Employees548
Revenue 3.6B USD (2021)
DESCRIPTION

CrossAmerica is a provider of motor fuels, consisting of gasoline and diesel fuel. CrossAmerica was incorporated in 1992 and is headquartered in Allentown, Pennsylvania.


DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
Country (United States) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-01 Petroleum Marketers

Roanoke, Virginia, United States

Petroleum Marketers, Inc. operates two primary lines of business: convenience stores and petroleum products distribution. In its convenience store business, PMI operates 85 convenience stores and 9 co-located branded quick service restaurants located primarily along the Interstate 81 corridor in Virginia, with a concentration in the Roanoke, VA area. The petroleum products business distributes motor fuels and other petroleum products to customers throughout Virginia, West Virginia, Tennessee and North Carolina.

Buy $61M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 Nice N Easy Grocery Shoppes

Canastota, New York, United States

Nice N Easy operates 77 corporate and franchise stores in Central New York. Nice N Easy has been at the forefront of the foodservice growth in convenience stores with the presence of its own Easy Street Eatery concept in many of its corporate stores.

Buy -