CrossAmerica Partners LP

Announces the Closing of its Acquisition of Assets of State Oil Company of Illinois

CrossAmerica Announces the Closing of its Acquisition of Assets of State Oil Company of Illinois

• CrossAmerica acquires the assets of one of the largest fuel distributors in Illinois

             

ALLENTOWN, PA, September 27, 2016 - CrossAmerica Partners LP (NYSE: CAPL) ("CrossAmerica" or the "Partnership") announced today that it closed on the previously announced purchase of certain assets of State Oil Company in the Chicago, IL 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.

All of the approximately $43.1 million of cash consideration for this acquisition, including working capital and closing costs, was financed under the Partnership's credit facility.  The Partnership expects the acquisition to be immediately accretive to distributable cash flow to limited partners.

About CrossAmerica Partners LP

CrossAmerica Partners is a leading wholesale distributor of motor fuels and owner and lessor of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of CST Brands, Inc., one of the largest independent retailers of motor fuels and convenience merchandise in North America.  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. With a geographic footprint covering 29 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo, Marathon and Phillips 66. CrossAmerica Partners ranks as one of ExxonMobil's largest distributors by fuel volume in the United States and in the top 10 for additional brands. For additional information, please visit www.crossamericapartners.com.