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    Sunoco LP Division Is Winning Bidder in Aziz Bankruptcy Auction

    Susser Petroleum adds 28 Texas c-stores.

    By Brian Berk, Convenience Store News

    McALLEN, Texas — Susser Petroleum Property Co. LLC, soon to be a part of Sunoco LP, will purchase Aziz Convenience Stores LLC for $41.6 million plus inventory and merchandise. The deal received bankruptcy court approval on Tuesday, confirmed Harold J. Bordwin, principal and managing director for Keen-Summit Capital Partners LLC.

    Despite EBITDA of $3 million, the operator of Aziz Quick Stop locations was forced to file a voluntary petition for Chapter 11 bankruptcy on Aug. 30, 2014 in the U.S. Bankruptcy Court for the Southern District of Texas, McAllen Division.

    New York City-based Keen-Summit Capital assisted with the bidding process for the operator of 28 c-stores with gas in Hidalgo County, Texas. The bid deadline was July 15, with an auction taking place July 20. At auction, there was a minimum overbid price of $29.6 million plus inventory and merchandise.

    According to Bordwin, three bids were received that met the minimum bidding requirement — one by Susser Petroleum, one by Alimentation Couche-Tard Inc. division Circle K Stores Inc., and a third by an unnamed bidder. During the auction process, Susser Petroleum’s bid was raised to $41.6 million plus inventory and merchandise, which became the winning bid.

    Circle K had the second-highest bid and was therefore determined to be the backup bidder, Bordwin told CSNews Online.

    The Aziz properties sold average 3,787 square feet, have 15 walk-in coolers and include five fuel pumps. The average property size is 1.22 acres.

    Susser Petroleum Property Co. is in the process of being dropped down from Energy Transfer Partners LP to Sunoco LP. Susser expects to be under the Sunoco LP umbrella beginning on Aug. 1.

    McAllen-based Aziz Convenience Stores, founded in 1983, is privately owned and operated. 

    By Brian Berk, Convenience Store News
    • About Brian Berk Brian Berk is managing editor of Stagnito Business Information's Convenience Store News and Convenience Store News for the Single Store Owner, where he specializes in covering motor fuels, technology and financial news. He has served the magazine industry for 14 years and has also worked in the radio and newspaper fields. Berk holds a bachelor's degree in communications from the State University of New York at Cortland and a master's degree in journalism from Quinnipiac University in Hamden, Conn.

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