CST Brands has announced that it purchased the Flash Foods store network of convenience stores in Georgia and Florida from the Jones Company and its affiliates, by entering into a definitive agreement to purchase the said properties.
The acquisition cost CST Brands $425 million, and they expect the transaction to be accretive. The transaction is projected to be closed in the first quarter of 2016.
According to the press release posted in Business Wire, the acquisition includes the following:
- 164 Flash Foods convenience stores selling Flash Foods-branded fuel located in Georgia and Florida
- The sites distributed over 290 million gallons for the twelve month period ending June 30, 2015
- 21 branded Quick Service Restaurants, including three stand-alone locations
- A land bank of 13 real estate sites to build new-to-industry stores
- A merchandise distribution company and a 90,000 square foot distribution center that it operates in Georgia
- A fuel supply company with access to the Colonial and Plantation Pipelines, leased storage and company-owned transportation fleet, distributing fuel to the 164 sites, in addition to 10 million gallons to wholesale accounts.
Fifth Third Securities, a subsidiary of Fifth Third Bank, advised Jones Company in the transaction, while RBC Capital Markets LLC advised CST Brands, Inc. in the transaction.
CST Brands is one of the largest independent retailers of motor fuels and convenience merchandise in North America.
The Texas-based CST Brands has 13,500 Team Members at approximately 1,900 locations throughout the United States and Eastern Canada, offering a broad array of convenience merchandise, beverages, snacks and fresh food. In the U.S., CST Corner Stores proudly sell fuel and signature products such as Fresh Choices® baked and packaged goods, UForce® energy and sport drinks, Cibolo Mountain® coffee, FC® bottled sodas, and Flavors2Go® fountain drinks. In Canada, CST is also the exclusive provider of Ultramar fuel, and its Dépanneur du Coin and Corner Stores sell signature Transit Café® coffee and pastries. CST also owns the general partner of CrossAmerica Partners LP, a wholesale distributor of fuels that serves more than 1,100 locations across 23 states.
