CrossAmerica Partners to Acquire 59 C-Stores From Applegreen

The $16.9 million deal has been years in the making.

February 26, 2024

CrossAmerica Partners LP and its Lehigh Gas Wholesale Services Inc. subsidiary entered into an agreement to acquire 59 convenience stores from Applegreen Midwest and Applegreen Florida for $16.9 million, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The c-stores are in Michigan, Minnesota, Wisconsin and Florida.

In connection with this acquisition, CrossAmerica entered into an amended 2019 bank credit agreement involving certain lease termination expenses on February 20. CrossAmerica will acquire the assets through termination of the partnership’s existing lease agreements with Applegreen at the acquired locations.

CrossAmerica will also acquire the inventory at the locations for cash.

The terms of the partnership’s existing leases with Applegreen Midwest LLC and Applegreen Florida LLC can be extended to 2049 and 2048, respectively, including all renewal options, the filing stated. The companies expect the termination of the existing lease agreements to occur during the first and second quarters of 2024, subject to customary closing conditions.

Applegreen began in 1992 with the opening of its first gas station in Ballyfermot, Dublin, Ireland. Under the leadership of Chairman Bob Etchingham and CEO Joe Barrett, Applegreen has expanded to more than 600 convenience stores in Ireland, the United Kingdom and the United States. Its U.S. locations are in the Midwest, the Northeast and the Southeast.

In 2019, Applegreen was awarded the NACS European Convenience Retail Technology Award.