Stripes convenience stores – a staple of the Rio Grande Valley economic landscape – is set to change ownership.
Energy Transfer Partners, L.P. announced it was involved in a merger deal in which it will buy Susser Holdings Corporation, the operator of Stripes convenience stores, for around $1.8 billion, according to a Monday news release from the two companies.
Headquartered in Corpus Christi, family-run Susser Holdings manages 630 stores located across Texas, New Mexico and Oklahoma, according to the news release. Of those, 583 carry the Stripes name, while 47 operate as Sac-N-Pac stores. Around two-thirds of the stores include a restaurant, principally Laredo Taco Company.
Stripes stores began with two service stations managed by spouses Sam and Minna Susser in 1938, according to Stripes’ website. The next generation, Sam J. and Jerry, joined the effort in the 1960s and eventually directed what became Susser Holdings. Sam L. Susser rose to the top of the company in 1988. Today, Sam L. Susser serves as president, chief executive officer and chairman of the board for Susser Holdings Corporation, according to its website.
Sam J. and Jerry Susser created the novel “pay-at-the-pump” method, according to the Stripes website.
Across Texas, Susser Holdings sold 1.6 billion gallons of motor fuel in 2013, according to the release.
The boards of directors for both Energy Transfer Partners and Susser Holdings unanimously supported the sale, according to the release. Pending the consent of Susser Holdings’ shareholders and normal regulatory authorizations, the sale should become final during 2014’s third quarter.
Energy Transfer Partners runs pipelines measuring roughly 43,000 total miles, according to the company’s website. The pipelines carry natural gas and crude oil as well as natural gas liquids and refined energy.
E. V. “Chip” Bonner Jr., executive vice president and general counsel with Susser Holdings Corporation, said that Stripes’ customers should experience “absolutely no change” when shopping at the stores.
“It’ll be business as usual for all our team members,” he said.