Lehigh Gas Partners has acquired Express Lane Inc. for $43 million, the wholesale motor fuels distributor said Monday.
Express Lane runs 43 motor fuel sites in the Florida panhandle, concentrated in the Tallahassee-Panama City area and along the Interstate 10 corridor in northwest Florida. It said 25 of the sites sell Chevron fuels and 16 sell ExxonMobil fuel, while the other two are unbranded.
Fourteen of the sites have quick serve restaurants.
Lehigh said it will get about $4.6 million in annual rental income from the properties before expenses are deducted.
The company's common stock units began trading in late October after its IPO priced at $20 per unit. The units lost 29 cents to $18.76 in morning trading.
Shares of Lehigh Gas Partners LP slipped 15 cents to $18.90 in midday trading.