Convenience Store News - December 2017 - 12

INDUSTRYROUNDUP

Sunoco Strikes Deal for
West Texas Retail Holdings
The company's sale to 7-Eleven Inc. is also in the
latter stages of FTC review

S

unoco LP has taken another step toward substantially exiting its retail operations, reaching
a deal for more than 200 convenience stores in
the West Texas, Oklahoma and New Mexico markets.
The Dallas-based partnership announced on Dec.
6 that it signed definitive agreements with a commission agent to operate the roughly 207 retail sites
that were not part of Sunoco's previous pact with
7-Eleven Inc.
Sunoco expects the sites will be converted to the
commission agent in the first quarter of 2018.
According to Sunoco, the "commission agent is a
proven and profitable channel within our current fuel
distribution portfolio."
As outlined in the partnership's latest investor
presentation, key elements of the commission agent
model include:
* Commission agent operates retail locations;
* Generates stable rental income through Sunoco's
continued ownership of real estate;
* Captures a material portion of fuel margin less a
commission to the agent;
* Provides optionality for future asset sales; and

12 Convenience Store News | DECEMBER 2017 | WWW.CSNEWS.COM

* Commission agent model operations are included in previously announced 50-percent reduction
in overhead.
Sunoco noted the commission agent model was
developed early in the West Texas sale process as a
high-value alternative to an asset sale.
The agreement comes eight months after Sunoco
reached a $3.3-billion deal to sell roughly 1,100 convenience stores to Irving, Texas-based 7-Eleven. The
transaction is believed to be in the latter stages of the
regulatory approval process with the Federal Trade
Commission. Subject to completion of the regulatory
process and customary closing conditions, 7-Eleven
and Sunoco expect to close the deal in January.
In addition to the convenience stores spread across
18 states, the 7-Eleven transaction includes the associated trademarks and intellectual property of Sunoco's
Laredo Taco Co. and Stripes brands.
Sunoco's Aloha Petroleum business unit in Hawaii
will continue to operate "its highly efficient and integrated business model within Sunoco. Likewise, the
transaction does not include Sunoco's highly successful
APlus franchisee-operated stores," the company said.


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Table of Contents for the Digital Edition of Convenience Store News - December 2017

Contents
Convenience Store News - December 2017 - Cover1
Convenience Store News - December 2017 - Cover2
Convenience Store News - December 2017 - 3
Convenience Store News - December 2017 - 4
Convenience Store News - December 2017 - 5
Convenience Store News - December 2017 - Contents
Convenience Store News - December 2017 - 7
Convenience Store News - December 2017 - 8
Convenience Store News - December 2017 - 9
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Convenience Store News - December 2017 - Cover3
Convenience Store News - December 2017 - Cover4
Convenience Store News - December 2017 - U1
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