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ALLENTOWN, Pa. — CrossAmerica Partners LP completed its acquisition of Erickson Oil Products Inc. and certain related assets for $85 million.
Hudson, Wis.-based Erickson operates 64 convenience stores in Minnesota, Michigan, Wisconsin and South Dakota, with a concentration in the Minneapolis/St. Paul region. The stores operate primarily under Erickson’s own proprietary store brand, Freedom Valu.
CrossAmerica initially intends to operate the convenience stores within the partnership, but expects to transfer the operation of certain sites over time to CST Brands Inc., the parent company of its general partner. CST is one of the largest independent retailers of motor fuels and convenience merchandise in North America.
"We are delighted to acquire the high-quality Erickson portfolio, as well as to enter into a promising new market," CrossAmerica President and CEO Joe Topper said when the acquisition was first announced on Dec. 10. "The Erickson family built a great organization with high-caliber employees and a strong work ethic. Along with our partners at CST, we expect to continue to grow the Erickson platform to further expand in the region.”
This marks the second acquisition by Allentown-based CrossAmerica Partners LP, which was formerly known as Lehigh Gas Partners LP. The company previously teamed with CST to purchase 24 Nice N Easy Grocery Shoppes in upstate New York.
CrossAmerica distributes fuel to more than 1,100 locations and owns or leases more than 625 sites in 16 states: Pennsylvania, New Jersey, Ohio, Florida, New York, Massachusetts, Kentucky, New Hampshire, Maine, Tennessee, Maryland, Delaware, Illinois, Indiana, West Virginia and Virginia.
CST Brands Inc. is parent to Corner Store convenience stores in the United States.