SAN ANTONIO — CST Brands Inc. finalized its purchase of Flash Foods convenience stores on Thanksgiving (Nov. 26), according to CSPnet.com.
On Nov. 25, stated the article, the company announced it entered into a definitive agreement to acquire the network of Flash Foods c-stores in Florida and Georgia from Jones Co. and its affiliates.
Jimmy Jones, CEO of Flash Foods, confirmed that the chain was up for sale and that CST Brands was the probable buyer earlier this month, continued the article.
However, added the article, the purchase agreement was still in the works at that time.
The $425 million transaction is projected to close in the first quarter of 2016, reported the article, and the acquisition includes: 164 Flash Foods c-stores selling its branded fuel in Georgia and Florida; 21 branded Quick Service Restaurants, including three stand-alone locations; a merchandise distribution company and a 90,000-square-foot distribution center that it operates in Georgia; and the sites’ more than 290 million gallons distributed for the twelve month period ending June 30, 2015.
The acquisition also includes a fuel supply company with access to Colonial and Plantation pipelines, leased storage and a company-owned transportation fleet, informed the article, distributing fuel to the 164 sites and 10 million gallons to wholesale accounts.
“When we add in the fuel supply, distribution center and great people at Flash Foods, we could not be more excited about this anticipated acquisition and how it will allow us to delight more customers every day in the Georgia and Florida markets,” said Kim Lubel, chairman and CEO of CST Brands, in the article.
CST Brands, based in San Antonio, employs about 13,500 workers at approximately 1,900 locations throughout the U.S. and eastern Canada, noted the article.
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