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CORPUS CHRISTI, Texas -- Susser Holdings Corp. completed the previously disclosed acquisition of 25 convenience stores located in Texas and Louisiana from Jack in the Box Inc., Susser reported.
Each location is co-branded with a Jack in the Box restaurant, all of which are being retained by Jack in the Box Inc. The transaction was funded with cash and is expected to be immediately accretive to earnings. Terms were not disclosed.
The deal includes leaseholds for 24 stores and the real estate underlying one property, and 23 stores are located across Texas, with two in Louisiana.
"This transaction underscores the strategic importance of having a strong wholesale fuel business along with the retail platform," said Sam L. Susser, Susser Holdings president and CEO.
Of the 25 stores, it is anticipated that four to seven of the Texas stores will be operated by Susser's retail segment and will be rebranded to Susser's proprietary Stripes brand. It is also anticipated the remaining 18 to 21 will be operated by independent dealers under long-term sublease and fuel supply agreements with Susser's wholesale fuel division, according to the company. Sixteen of the 21 stores have already been converted to the dealer operation, including the one fee property.
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