DALLAS, June 22, 2016 /PRNewswire/ -- Sunoco LP
(NYSE: SUN) ("Sunoco") announced today that one of its wholly owned
subsidiaries completed the acquisition of a retail convenience
store business serving the Upstate New York market from
Valentine Stores, Inc. This
acquisition includes 18 company-operated locations which sell
approximately 20 million gallons of fuel annually and one
standalone Tim Hortons
restaurant. As part of the transaction, Sunoco's subsidiary
acquired a total of 19 fee properties, one leased property, and
three raw tracts of land for future store development. This
acquisition strengthens Sunoco's existing convenience store
business in the Upstate New York market.
The purchase price for this transaction was $76.4 million and was funded using amounts
available under Sunoco's revolving credit facility. This
transaction is expected to be immediately accretive to Sunoco with
respect to distributable cash flow.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master
limited partnership that operates approximately 1,300 retail fuel
sites and convenience stores (including APlus, Stripes, Aloha
Island Mart and Tigermarket brands) and distributes motor
fuel to convenience stores, independent dealers, commercial
customers and distributors located in 30 states at approximately
6,800 sites. Our parent -- Energy Transfer Equity, L.P. (NYSE: ETE)
-- owns Sunoco's general partner and incentive distribution rights.
For more information, visit the Sunoco LP website at
www.SunocoLP.com
Cautionary Statement Relevant to Forward-Looking
Information
This press release includes forward-looking
statements regarding future events. These forward-looking
statements are based on Sunoco's current plans and expectations and
involve a numbers of risks and uncertainties that could cause
actual results and events to vary materially from the results and
events anticipated or implied by such forward-looking statements.
For a further discussion of these risks and uncertainties, please
refer to the "Risk Factors" section of Sunoco's most recently filed
annual report on Form 10-K and in other filings made by Sunoco with
the Securities and Exchange Commission. While Sunoco may elect to
update these forward-looking statements at some point in the
future, it specifically disclaims any obligation to do so, even if
new information becomes available.
Investor Contacts
Sunoco LP:
Scott Grischow
Senior Director – Investor Relations and Treasury
(469) 646-1188, scott.grischow@sunoco.com
Patrick Graham
Senior Analyst – Investor Relations and Finance
(610) 833-3776, patrick.graham@sunoco.com
Anne Pearson
Dennard-Lascar Associates
(210) 408-6321, apearson@dennardlascar.com
Media Contact
Sunoco LP:
Jeff Shields
Communications Manager
215-977-6056, jpshields@sunoco.com
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SOURCE Sunoco LP