Susser Holdings Corp. has recently opened two new Stripes convenience stores, bringing the total number of new stores completed to eight since the beginning of the year.
A sale and leaseback transaction of these two new stores was completed at the end of May for a total cost of $6.7 million. This latest sale by Susser Holdings to Susser Petroleum Partners LP brings the total number of new-build store “dropdowns” to 18 since the initial public offering of units in the Partnership in September 2012. The total cost of these stores sold to Susser Petroleum Partners, including post-completion true-up, was $73.0 million.
Senior Management Appointments
Stripes LLC announced the appointment of Sid Keswani as senior vice president of store operations. Keswani brings to Stripes more than 18 years of retail operations experience with Target, most recently as senior vice president for the Southeast region of the U.S. In this role, he was responsible for driving financial performance of approximately 475 locations.
Richard Sebastian, a 17-year veteran with Stripes, has taken on the role of senior vice president of facilities, construction and Applied Petroleum Technologies Ltd., and will be responsible for the company’s maintenance, new store and capital expenditure programs.
“With the growing complexity of adding over 30 new stores and nearly 1,000 new employees a year, we need additional organizational depth and experience,” said Steve DeSutter, Stripes president and CEO. We are very pleased to name Sid to our management team and are confident Richard’s intimate knowledge of our stores will result in meaningful process improvement and efficiencies in our maintenance and capital programs.”
Susser Holdings Corp. CEO Sam Susser is participating in the Stephens 2013 Spring Investment Conference being held in New York City. The presentation will not be Webcast, but a copy of the presentation that will be used during investor meetings scheduled for June 5-6 has been made available at www.susser.com in the Investor Relations section under Events and Presentations.