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HOUSTON — Sunoco LP completed its previously announced acquisition of Aloha Petroleum Ltd. The total purchase price was approximately $240 million, subject to closing costs, adjustments and expenses.
Honolulu-based Aloha Petroleum is one of the largest convenience store operators in Hawaii. It currently markets via approximately 100 Shell, Aloha and Mahalo branded fuel stations throughout the 50th State, about half of which are company owned.
Sunoco LP, formerly known as Susser Petroleum Partners LP, initially announced the Aloha acquisition Sept. 26. The company cited a desire to move into one of the fastest-growing markets in the United States as a main reason for the purchase.
"Hawaii is a great new market for us with an economy that has grown faster than the overall U.S. economy in the last few years," Sunoco LP CEO Bob Owens said at the time. "Aloha Petroleum has an impressive legacy of growth, profitability and operational excellence. The overall transaction is compelling in that the price represents an approximate seven-time run-rate EBITDA multiple. Additionally, most of the cash flow is expected to constitute qualifying income."
Houston-based Sunoco LP is a master limited partnership that operates more than 5,500 company or independently operated retail fuel outlets and convenience stores through its wholly owned subsidiaries, Sunoco Inc. and Stripes LLC. The company also distributes motor fuel to c-stores, independent dealers, commercial customers and distributors.
Sunoco LP's general partner is a wholly owned subsidiary of Energy Transfer Partners LP.