Raymond James Announces Completion of Susser Petroleum Partners Transaction

First public pure-play wholesale gasoline distributor to be placed inside MLP structure

Published in CSP Daily News

ST. PETERSBURG, Fla. -- Helping to make Susser Petroleum Partners LP the first public pure-play wholesale gasoline distributor to be placed inside a master limited partnership (MLP) structure, Raymond James Investment Banking has announced that its Energy & Convenience Store & Fuel Products Distribution Groups in September completed Susser Petroleum partners' $224 million initial public offering (IPO) transaction.

Raymond James served as senior co-manager in this offering, it said.

Susser Petroleum Partners is a growth-oriented Delaware limited partnership formed by Susser Holdings Corp. to engage in the primarily fee-based wholesale distribution of motor fuels to Susser and third parties.

Corpus Christi, Texas-based Susser Holdings is a third-generation, family-led business with approximately 1,100 company-operated or contracted locations. The company operates approximately 545 convenience stores in Texas, New Mexico and Oklahoma under the Stripes banner. Restaurant service is available in more than 335 of its stores, primarily under the proprietary Laredo Taco Co. brand. It also supplies branded motor fuel to approximately 565 independent dealers through its wholesale fuel division.

Raymond James also participated as a co-manager in Susser Holding's July 2012 $207 million follow-on offering.

Raymond James is one of the leading equity offering and advisory practices in investment banking today. Since 2009, it has participated in raising nearly $400 billion in capital for its corporate clients. During this same time, it has completed more than 170 merger and acquisition (M&A) advisory assignments, including more than140 M&A buy-side or sell-side advisory assignments with total transaction values totaling more than $14 billion in value.

(See Related Content below for previous CSP Daily News coverage. For a detailed discussion of MLPs, click here to read an exclusive CSP Daily News guest column, "The Evolution of MLPs in Fuel Distribution." And watch for an exclusive investigative report on MLPs in the c-store/retail petroleum industry in the November issue of CSP magazine.)

Keywords: 
M&A