CrossAmerica Partners LP Dossier
Qualitative Analysis
Business overview
CrossAmerica Partners LP (NYSE: CAPL) is a leading wholesale distributor of motor fuels, convenience store operator, and owner and lessee of real estate used in the retail distribution of motor fuels in the United States. Formed in 2012 as Lehigh Gas Partners LP and rebranded in October 2014, the partnership operates through two primary business segments: Wholesale and Retail. As of late 2025, CrossAmerica distributed motor fuel to approximately 1,600 sites across 34 states and owned or leased approximately 1,000 sites, of which 352 were company-operated. The partnership is one of the ten largest independent distributors by motor fuel volume in the United States for major brands including ExxonMobil, BP, and Marathon.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Targeted capital allocation toward enhancing the retail footprint through food service operations and convenience store site renovations to capture higher merchandise margins.
Expected impact: Drives higher same-store merchandise sales and expands merchandise gross profit percentages.
Ongoing program to divest underperforming or non-strategic real estate assets while maintaining supply relationships post-sale with substantially all divested locations.
Expected impact: Reduces outstanding debt under the credit facility, lowers leverage ratios, and generates immediate net gains on asset sales.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Acquisition of wholesale fuel supply contracts to dealer-owned locations, subjobber accounts, and commission locations in the Greater Boston area, expanding CrossAmerica's fuels business in New England.
Financial impact: Immediately accretive to distributable cash flow to limited partners, adding approximately 75 million gallons of fuel volume annually.
Strategic Partnerships
Amended the 15-year master lease agreement originally entered in May 2012, resetting rents for all 106 covered sites to an aggregate of $6.9 million in annual rent.
Terms: Aggregate annual rent of $6.9 million, subject to annual escalations of 1.5% starting January 31, 2026.