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.
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