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Local
Zip Trip to get new corporate owners |
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January 9, 2018 |
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From CSP Daily News
Par Petroleum LLC, a subsidiary of Par Pacific
Holdings Inc., has entered into an agreement to
acquire 33 Cenex Zip Trip convenience stores in
eastern Washington and northwestern Idaho from
CHS Inc. for approximately $70 million plus the
agreed value of inventory at closing.
The Bonners Ferry Zip Trip is one of them.
The convenience stores are Par Pacific Holdings'
first retail assets in the continental United
States; it has more than 90 retail outlets in
Hawaii.
CHS will continue to own and operate Cenex Zip
Trip locations in Montana, Minnesota, Wyoming,
North Dakota and South Dakota.
“CHS is grateful to the customers and employees
who have been loyal to the Cenex Zip Trip
locations in Washington and Idaho,” said Angie
Olsonawski, CHS vice president of refined fuel
operations and supplies. “We remain dedicated to
the Cenex brand and are committed to
strengthening customer relationships through our
remaining 35 Cenex Zip Trip locations. CHS is
confident that the locations under the new
ownership will continue to provide the same
level of high-quality service our customers
expect from Cenex Zip Trip convenience stores.”
As part of the transaction, the parties will
enter into a multiyear branded petroleum
marketing agreement for the continued supply of
Cenex-branded refined products to the Cenex Zip
Trip stores. In addition, the parties also will
enter into a multiyear supply agreement pursuant
to which an affiliate of Par Pacific will supply
refined products to CHS within the Rocky
Mountain and Pacific Northwest markets.
“We are pleased to begin 2018 with a strategic
acquisition to complement our Wyoming refining
and logistics activities,” said William Pate,
Par Pacific's president and CEO.
The companies said they expect the transaction
to close in first-quarter 2018, subject to
customary closing conditions and other
approvals. All 33 Cenex Zip Trips will retain
their name after the deal is closed.
CHS acquired 33 Zip Trip convenience stores in
the Spokane area, owned in part by Jopo Inc. and
Jo-By Enterprises LLC in 2008. Most of the 33
stores are located in metropolitan Spokane, with
additional facilities in Clarkston, Washington,
and in Lewiston, Coeur d'Alene, Grangeville,
Moscow and Bonners Ferry, Idaho.
Par Pacific Holdings, Houston, Texas, owns,
manages and maintains interests in energy and
infrastructure businesses. Par Pacific owns and
operates one of the largest energy
infrastructure networks in Hawaii with a
94,000-barrel per day refinery, a logistics
network supplying the major islands of the state
and 91 retail locations. In Wyoming, Par Pacific
owns a refinery and associated logistics network
in a niche market.
CHS Inc., Inver Grove Heights, Minnesota, is a
leading global agribusiness owned by farmers,
ranchers and cooperatives across the United
States. The company operates petroleum
refineries/pipelines and manufactures, markets
and distributes Cenex refined fuels, lubricants,
propane and renewable-energy products through a
network of more than 1,400 Cenex-branded
retailers in 19 states, including Cenex Zip
Trip. |
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