CST, CrossAmerica jointly buy 22 Timewise convenience stores

San Antonio, Texas - CST Brands Inc and CrossAmerica Partners LP have agreed to jointly purchase 22 convenience stores in San Antonio and Austin, Texas from Landmark Industries, their third combined acquisition in less than three months. The 22 stores operate under the Timewise brand name and provide Shell-branded fuel.



Of the 22 locations, 20 are located in the San Antonio area and two are located in the greater Austin area. CrossAmerica will be purchasing all of the 22 sites as well as certain wholesale fuel distribution assets for $43.5 million. CST Brands will be purchasing the personal property, working capital and the convenience store operations for $20.2 million.



The companies also announced the first dropdown transaction of $50.4 million between CST Brands and CrossAmerica, which will close effective Jan. 1, 2015. The transaction gives CrossAmerica 5% of the limited partner interests in CST Fuel Supply LP (CST’s wholesale fuel supply business). In addition, the companies have reached final agreement on allocation of the final purchase price paid in connection with the previously announced acquisition of New York-based Nice N Easy Grocery Shoppes, which closed on Nov. 1, 2014.