2013-03-21 18:11:58 -
Lehigh Gas Partners LP Leases
19 Convenience Stores in
Cleveland Market to 7-Eleven, Inc.
ALLENTOWN, PA (March 21, 2013) - Lehigh Gas Partners LP (NYSE:LGP) announced
today the company has leased 19 convenience stores in the Cleveland market to 7-
Eleven, Inc. The effective date of the leases will
vary, but all leases are
expected to be in place by March 31, 2013.
Lehigh Gas Partners will retain ownership of the 19 sites while 7-Eleven will
rebrand the locations as "7-Eleven" stores and manage the convenience store
operations. The retail fuel business at the 15 stores in Cuyahoga County and
four in Lorain County, will continue to be owned and operated by Lehigh Gas-
Ohio, LLC, an entity managed by Joe Topper, chairman and CEO of Lehigh Gas
"As the world leader in convenience retailing, 7-Eleven is a strong credit-rated
tenant with a substantial balance sheet and a well-known global brand," Topper
said. "Lehigh Gas Partners looks forward to working with 7-Eleven and is
confident customers will benefit from the rebranding of these locations."
"We continue to look for opportunities to build our presence in Ohio through
relationships with solid companies like Lehigh Gas Partners," said Stan
Reynolds, 7-Eleven executive vice president and CFO. "This is only the
beginning, and with this transaction, we will create a strong presence in
Cleveland on which to build."
This news release contains "forward-looking statements," which are based on
current plans and expectations and involve a number of risks and uncertainties
that could cause actual results and events to vary materially. For a full
discussion of these risks and uncertainties, please refer to the "Risk Factors"
section of the Registration Statement on Form S-1 initially filed by Lehigh Gas
Partners LP on May 11, 2012 and the information included in subsequent
amendments and other filings. These forward-looking statements are based on and
include our expectations as of the date hereof. Subsequent events and market
developments could cause our expectations to change. While we may elect to
update these forward-looking statements at some point in the future, we
specifically disclaim any obligation to do so, even if new information becomes
available, except as may be required by applicable law.
About Lehigh Gas Partners
Lehigh Gas Partners, headquartered in Allentown, Pa., was formed to engage in
the wholesale distribution of motor fuels and to own and lease real estate used
in the retail distribution of motor fuels. Lehigh Gas Partners owns and leases
sites located in nine states: Pennsylvania, New Jersey, Ohio, Florida, New York,
Massachusetts, Kentucky, New Hampshire and Maine. For additional information,
please visit www.lehighgaspartners.com.
About 7-Eleven, Inc.
7-Eleven, Inc. is the premier name and largest chain in the convenience
retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or
licenses more than 10,000 7-Eleven® stores in North America. Globally, 7-Eleven
has some 50,000 stores in 16 countries. During 2011, 7-Eleven stores generated
total worldwide sales close to $76.6 billion. 7-Eleven has been honored by a
number of companies and organizations recently. Accolades include: #2 on Forbes
magazine's 2011 list of Top Franchises for the Money; #3 spot on Entrepreneur
magazine's Franchise 500 list for 2012, #3 in Forbes magazine's Top 20
Franchises to Start, and #2 in Franchise Times Top 200 Franchise Companies. 7-
Eleven was named No. 3 on Fast Company magazine's 2013 list of the "World's Top
10 Most Innovative Companies in Retail." Hispanic Magazine named 7-Eleven among
its Hispanic Corporate Top 100 Companies that provide the most opportunities to
Hispanics. 7-Eleven received the 2010 Retailer of the Year honor from PL Buyer
because of the company's private-label brand initiative. 7-Eleven is franchising
its stores in the U.S. and expanding through organic growth, acquisitions and
its Business Conversion Program. Find out more online at www.7-Eleven.com.
Vice President, Investor Relations
Lehigh Gas Partners
Vaughan Communications Group
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Lehigh Gas Partners LP via Thomson Reuters ONE