Attached files
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| 8-K - CLOSING OF RT TRANSACTION - CrossAmerica Partners LP | rrd390712.htm |
Exhibit 99.1
Lehigh Gas Partners LP Completes the Acquisition of 33 Sites in the Knoxville, Tennessee Region
ALLENTOWN, PA (September 25, 2013) -
Lehigh Gas Partners LP (NYSE: LGP) (the "Partnership") announced today that it completed the previously announced asset acquisition in the Knoxville, Tennessee region from Rocky Top Markets, LLC and Rocky Top Properties, LLC. The Partnership paid $10.6 million at closing for the purchase of one (1) fee property site, three (3) leasehold motor fuel stations, seven (7) third party supply contracts and certain other assets and equipment. Concurrent with the closing, the Partnership entered into a master lease for 29 motor fuel stations, which it will purchase on or after August 1, 2015 for $26.3 million. The transaction was financed under the Partnership's credit facility.About Lehigh Gas Partners
Lehigh Gas Partners, headquartered in Allentown, PA, is a leading wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. Formed in 2012, Lehigh Gas Partners owns or leases more than 500 sites in eleven states: Pennsylvania, New Jersey, Ohio, Florida, New York, Massachusetts, Kentucky, New Hampshire, Maine, Tennessee and Virginia. The company is affiliated with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco and Valero. LGP ranks as one of ExxonMobil's largest distributors by fuel volume in the United States and in the top 10 for many additional brands. For additional information, please visit www.lehighgas.com.
Forward-Looking Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Achieving the results described in these statements involves a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in Lehigh Gas Partner LP's filings with the Securities and Exchange Commission. Lehigh Gas Partners LP disclaims any obligation to update or revise any forward-looking statements.
CONTACTS:
INVESTORS:
Karen Yeakel
Vice President, Investor Relations
Lehigh Gas Partners
610-625-8126
kyeakel@lehighgas.com