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Susser Holdings Corporation (NASDAQ: SUSS) has announced that its wholesale division, Susser Petroleum Company LLC, acquired the assets of Dallas/Fort Worth based Community Fuels of Texas, LP. The acquisition includes the fuel supply contacts to 121 dealer locations and fuel supply rights to 24 commercial accounts. The transaction was funded with cash and is expected to be immediately accretive to earnings. The financial terms of the transaction were not disclosed and the transaction value was not material.
“We are pleased to increase our wholesale presence in the Dallas/Ft. Worth and East Texas markets, expand our relationships with Shell, Valero, Chevron, Texaco and ConocoPhillips, and to welcome these new customers and employees to our business. This base of business provides us a platform to increase growth in the largest metropolitan area in the state ofTexas.” said Rocky B. Dewbre, President and Chief Operating Officer of Susser Petroleum Company LLC.
Phil Tomczyk, President and Chief Executive Officer of Community Fuels of Texas, LP, commented, “We have many great customers and know that they will be in good hands with the Susser organization.”
Corpus Christi, Texas-based Susser Holdings Corporation is a third-generation family led business with approximately 1,100 company-operated or contracted locations. The Company operates 535 convenience stores in Texas, New Mexico andOklahoma under the Stripes® banner. Restaurant service is available in more than 320 of its stores, primarily under the proprietary Laredo Taco Company® brand. The Company also supplies branded motor fuel to 560 independent dealers through its wholesale fuel division.
This news release contains “forward-looking statements” describing Susser’s objectives, targets, plans, strategies, costs, anticipated capital expenditures, expansion of our food service offerings, potential acquisitions and new store openings and dealer locations. These statements are based on current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially, including but not limited to: competitive pressures from convenience stores, gasoline stations, other non-traditional retailers located in our markets and other wholesale fuel distributors; volatility in crude oil and wholesale petroleum costs; wholesale cost increases of tobacco products or future legislation or campaigns to discourage smoking; intense competition and fragmentation in the wholesale motor fuel distribution industry; the operation of our stores in close proximity to stores of our dealers; seasonal trends in the industries in which we operate; unfavorable weather conditions; cross-border risks associated with the concentration of our stores in markets bordering Mexico; inability to identify, acquire and integrate new stores; our ability to comply with federal and state regulations including those related to environmental matters and the sale of alcohol and cigarettes and employment laws and health benefits; dangers inherent in storing and transporting motor fuel; pending or future consumer or other litigation; litigation or adverse publicity concerning food quality, food safety or other health concerns related to our restaurant facilities; dependence on two principal suppliers for merchandise and two principal suppliers for motor fuel; dependence on suppliers for credit terms; dependence on senior management and the ability to attract qualified employees; acts of war and terrorism; risks relating to our substantial indebtedness; dependence on our information technology systems; changes in accounting standards, policies or estimates; impairment of goodwill or indefinite lived assets; and other unforeseen factors.
For a full discussion of these and other risks and uncertainties, refer to the “Risk Factors” section of the Company’s annual report on Form 10-K for the year ended January 2, 2011, and subsequent quarterly reports. These forward-looking statements are based on and include our estimates as of the date hereof. Subsequent events and market developments could cause our estimates to change. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if new information becomes available, except as may be required by applicable law.