Lehigh Gas Partners Completes Zoomerz Acquisition
Published in CSP Daily News
Closes on 17 sites in Tennessee purchased from Rogers Petroleum
ALLENTOWN, Pa. -- Lehigh Gas Partners LP said that it has completed the previously announced asset acquisition in the Tri-Cities region of eastern Tennessee from Rogers Petroleum Inc. and affiliates.
The transaction included the purchase or assumption of the leases of 17 motor fuel stations, the acquisition of the "Zoomerz" trademark and the purchase of certain other assets and equipment for total consideration of $21.1 million. The transaction was financed under the partnership's credit facility.
Rogers Petroleum, based in Morristown, Tenn., opened its first Zoomerz store in 1995.
Lehigh Gas Partners, based in Allentown, Pa.,is a leading wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. Formed in 2012, Lehigh Gas Partners owns or leases more than 500 sites in 11 states: Pennsylvania, New Jersey, Ohio, Florida, New York, Massachusetts, Kentucky, New Hampshire, Maine, Tennessee and Virginia. The company is affiliated with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco and Valero. It is one of ExxonMobil's largest distributors by fuel volume in the United States and in the top 10 for many additional brands.