Susser Holdings Corp has completed the acquisition of TCFS Holdings Inc, the parent company of San Angelo TX-based Town & Country Food Stores Inc, in an all-cash transaction valued at about $359 million, plus payment of a $6 million tax benefit.
"With the acquisition of Town & Country complete, Susser Holdings is now one of the largest convenience store operators in the Southwest, with more than 500 stores centered in some of the most rapidly growing markets in the country," said Sam L Susser, president and chief executive officer of Susser Holdings.
All Town & Country debt was extinguished at closing. Susser now has total debt outstanding of $390 million, about $11 million of which was financed under the new revolving credit facility. The company expects to have roughly $50 million of remaining borrowing capacity under the new revolving credit facility after giving effect to $28.4 million in outstanding standby letters of credit after the transaction.