December 24, 2012
ALLENTOWN, Pa. (AP) -- Lehigh Gas Partners (NYSE: LGP ) has acquired Express Lane for $43 million, the wholesale motor fuels distributor said Monday.
Express Lane runs 43 motor fuel sites in the Florida panhandle, concentrated in the Tallahassee-Panama City area and along the Interstate 10 corridor in northwest Florida. It said 25 of the sites sell Chevron (NYSE: CVX ) fuels and 16 sell ExxonMobil (NYSE: XOM ) fuel, while the other two are unbranded.
Fourteen of the sites have quick-serve restaurants.
Lehigh said it will get about $4.6 million in annual rental income from the properties before expenses are deducted.
The company's common stock units began trading in late October after its IPO priced at $20 per unit. The units lost 29 cents to $18.76 in morning trading.
Shares of Lehigh Gas Partners slipped 15 cents to $18.90 in midday trading.