M&A: ETP pays premium to build critical mass

摘要

Energy Transfer Partners' (ETP) purchase of Susser creates a retail behemoth that in terms of U.S. store count could pass Circle K and nip at 7-Eleven's heels. ETP stated it intends to create a "strong and diversified standalone retail business" that provides a platform for more growth. The transaction suggests ETP is willing to pay a premium to gain critical mass, says Dennis Ruben, executive managing director of NRC Realty & Capital Advisors LLC, in Scottsdale, Ariz. Ruben points to ETP's surprise purchase of the 300-unit Mid-Atlantic Convenience Stores chain based in Richmond, Va., late last year.