Susser operates more than 580 Stripes locations including 20 within Lubbock city limits. It also owns a few convenience stores under other names for a total of more than 600 retail locations. The deal is reported as worth $1.8 billion.
A company official with ETP was quoted by bloomberg.com as saying the plan is to “geographically expand the overall Stripes brand.”
“The combination of Susser [Stripes convenience stores] and our Sunoco retail business creates a platform to build a best-in-class and unique business,” said Sunoco CEO Bob Owens in a written statement.
The deal with Dallas-based ETP and Susser Holdings Corp. is expected to close in the third quarter. Susser’s related company, Houston-based Susser Petroleum Partners, will continue to be traded on the New York Stock Exchange.
Stripes bought out a name familiar to most Lubbockites, Town & Country, in 2007.