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DALLAS -- Alon USA Energy, Inc. closed on its purchase of 40 Good Time Stores in El Paso, Texas for approximately $26 million in cash, including approximately $2 million for inventory, the company reported.
"We are thrilled to be able to add to our current El Paso 7-Eleven stores the Good Time Stores," said Jeff Morris, Alon's president and CEO. "We will invest in all of our El Paso stores to better serve our customers and employees. The acquisition further increases our physical integration with our Big Spring refinery providing us further opportunities for growth."
Alon had previously announced its intention to purchase up to 55 stores, but chose to purchase only 40 stores due to certain rights of first refusal and purchase options applicable to 15 of the 55 stores, the company reported. Alon, which currently operates 49 stores in El Paso, expects to convert the 40 acquired stores to the 7-Eleven and Fina brands, and to supply motor fuels to the stores through its long-term pipeline capacity, connecting Alon's Big Spring Refinery directly to the El Paso market.
Alon USA Energy, Inc., headquartered in Dallas, Texas, is an independent refiner and marketer of petroleum products, operating primarily in the Southwestern and South Central regions of the United States. The Company owns and operates a sophisticated sour crude oil refinery in Big Spring, Texas, which has a crude oil throughput capacity of 70,000 barrels per day. Alon USA markets gasoline and diesel products under the FINA brand name and is a leading producer of asphalt in the State of Texas. The Company also operates convenience stores in West Texas and New Mexico under the 7-Eleven and FINA brand names and supplies motor fuels to these stores from its Big Spring refinery.