Local News

Apr 28, 2014 5:22 PM by Janine Reyes

Susser Holdings Selling for $1.8 Billion

CORPUS CHRISTI -- Odds are, if you drive around in the Coastal Bend, you're quite familiar with Stripes Stores. But, at the end of business today, ownership of those stores will change.

In a $1.8 billion deal, Dallas-based Energy Transfer Partners is taking over Susser Holdings Corporation (NYSE:SUSS).

But, not to worry, the friendly greeting and piping hot Laredo Taco stand that many of us are accustomed to here in South Texas is not going away.

It's a pit stop for many and there's just no doubt that Stripes Stores are a staple here. And even before the acquisition became final, the name we all know had been spreading.

"We have 17 stores under construction right now and we hope to build about 30 stores this year, and they would like to see us figure out a way to ramp up our growth in future years," Susser Holdings Executive Vice President "Chip" Bonner, Jr. said in an interview Monday.

The "they" he's referring to is Dallas-based Energy Transfer Partners. They are combining with Sunoco and bring with them a network of 5,000 retail stores, mostly on the east coast.

Stripes has about 630 convenience store locations.

The acquisition will allow more growth, but, not to worry, Stripes will remain the same.

"Our customers shouldn't see any changes, we hope to continue to sell hot delicious, fun and friendly service," said Bonner.

Stripes 10,000 employees will continue to rely on the Support Center, an operations facility that houses the human resource department, store accounting, finance, marketing and merchandising, among other things. The building is located right here in Corpus Christi, along Ayers.

So, while you now know that pit stop you may make daily is not changing, perhaps just as importantly, neither will Stripes contributions to our community.

"We still are going to remain tremendous supporters of the communities that we operate in, so, our charitable giving, we will continue to maintain that," Bonner explained.

Susser Petroleum Partners, based in Houston, is not affected by this sale at all. The management team will combine members of both organizations.

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