Business Context and Reporting Period
Company: CrossAmerica Partners LP
Filing Type: Form 8-K (Current Report)
Date of Report: February 17, 2015
Event: Completion of acquisition of Erickson Oil Products, Inc. and related assets.
Key Financial Metrics
Transaction Value: $85 million aggregate cash purchase price (subject to post-closing adjustments).
Assets Acquired: 64 convenience store sites located in Minnesota, Michigan, Wisconsin, and South Dakota.
Financing: Transaction financed under the Partnership's existing credit facility.
Other Metrics: The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the reporting period.
Material Changes
The primary material change is the expansion of the Partnership's footprint through the acquisition of 64 new convenience store sites. This transaction was executed pursuant to a Stock Purchase Agreement and a Real Estate Purchase and Sale Agreement, both dated December 9, 2014.
Guidance, Outlook, and Risks
Management Commentary: The Partnership issued a press release on February 17, 2015, announcing the closing of the transaction.
Financial Statements: Detailed financial information regarding the acquisition is not included in this filing. The registrant undertakes to file required financial information in an amendment to this Form 8-K no later than 75 calendar days after February 17, 2015.
Risks/Contingencies: The purchase price is subject to certain post-closing adjustments.
Investor Verification Checklist
- Verify the final purchase price after post-closing adjustments are calculated.
- Review the upcoming amendment to this Form 8-K (due within 75 days) for pro forma financial impacts.
- Assess the impact of the $85 million cash outflow on the Partnership's remaining liquidity and credit facility availability.
- Confirm the operational integration timeline for the 64 newly acquired sites.