CST Brands, Inc., a San Antonio-based Fortune 500 fuel and convenience retailer, announced today that it had entered into a definitive agreement to acquire the Flash Foods store network of convenience stores in Georgia and Florida from the Jones Company and its affiliates.
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 standalone 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.
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.
The Jones Company was advised in the transaction by Fifth Third Securities, a subsidiary of Fifth Third Bank. RBC Capital Markets LLC advised CST Brands, Inc. in the transaction.