DALLAS, June 23, 2016 /PRNewswire/ -- Sunoco LP
(NYSE: SUN) ("Sunoco") announced today the execution of a
definitive agreement to purchase the fuels business (the "Fuels
Business") from Emerge Energy Services LP (NYSE: EMES) ("Emerge")
for $178.5 million, subject to
working capital adjustments. The Fuels Business comprises
Dallas-based Direct Fuels LLC and
Birmingham-based Allied Energy
Company LLC, both wholly owned subsidiaries of Emerge, and engages
in the processing of transmix and the distribution of refined
fuels.
The Fuels Business includes two transmix processing plants with
attached refined product terminals located in the Birmingham, Alabama and greater Dallas, Texas metro areas. Combined, the
plants can process over 10 thousand barrels per day of transmix,
and the associated terminals have over 800 thousand barrels of
storage capacity.
"We are pleased to add the Emerge Fuels Business to the existing
Sunoco operating platform," said Bob
Owens, Sunoco's President and Chief Executive Officer. "This
transaction is consistent with our strategy of expanding our
business through the acquisition of assets that are both
complementary to our core wholesale and retail network and that
further diversify Sunoco's income stream."
The transaction is expected to be immediately accretive to
Sunoco with respect to distributable cash flow. It is expected to
close during the third quarter of 2016 and is subject to regulatory
clearances and the satisfaction of other customary closing
conditions.
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 SUN'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 SUN'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 SUN's most recently filed
annual report on Form 10-K and in other filings made by SUN 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, jeff.shields@sunoco.com
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SOURCE Sunoco LP