CST Brands to buy Flash Foods store network in $425 million deal
The acquisition includes: 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 standalone locations; and a land bank of 13 real estate sites to build new-to-industry stores.
The acquisition also includes: 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.
The purchase price for the transaction is $425 million and the Company expects the transaction to be accretive. The transaction is expected to close in the first quarter of 2016. ■
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