By  John Reosti July 07, 2021, 2:29 p.m. EDT
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Before taking over Affiliated Bank in 2018, Sam Susser led a family-owned fuel distribution business, ultimately selling it for $1.8 billion. It's a success he's loath to repeat. The selling price was “a multiple that was much higher than any multiple of cash flow that had been paid for convenience stores to that point — our bankers, board and outside lawyers felt it was so record-breaking that we really had a fiduciary duty to accept," Susser said. “I literally cried like a baby at the closing table. … It so broke my heart,” Susser said. “That was my blood, sweat and tears for 28 years.”
Seven years later, at a new company in a different industry, Susser sees an opportunity he believes is just as big as the one he took advantage of to build a convenience store empire 20 years ago. Texas’ big established banks are feeding off the supercharged growth the state is enjoying, but it’s further distancing them from smaller clients as they add scale, Susser said. He is convinced the trend is creating an opening for his bank. And if merger-and-acquisition activity heats up — as many observers predict — it could serve to shine an even brighter spotlight on a family-owned bank led by an ownership group determined to remain independent. Susser is positioning the institution to take advantage of the market gap he senses. Last month, he hired a team to lead an expansion in San Antonio. The goal is to build a presence in all of the state's major metropolitan areas. “We saw an opportunity in a rapidly consolidating space to build a Texas-owned, Texas-based bank geared toward the middle market,” Susser said. Founded in 1959 as Affiliated Federal Credit Union, the Arlington, Texas-based organization converted to a depositor-owned thrift in 1998 and a stock-owned bank three years later. Susser led a group that acquired Affiliated July 2, 2018, and became the bank's chairman. His family owns about 50% of the company, and Susser plans to keep that stake in the family. In May, the $1.4 billion-asset institution rebranded as Susser Bank . “We’re excited about building a company that will be multigenerational,” Susser said. Susser, which operates four branches in the Dallas-Fort Worth metropolitan area and one in Round Rock, near Austin, faces heated competition in Texas. “There are a lot of great banks here that are so successful,” Susser said. "They’re getting so darned big.”
But with that size comes inertia, Susser said. "They just aren’t as nimble and close to their clients as they were when they were $3 billion or $4 billion of assets … they’re walking away from middle-market clients” whose credit needs fall in the $2 million to $15 million range, he said. Family history
The original family business, Susser Holdings, was involved in wholesale and retail fuel distribution as well as real estate development. It lasted 85 years until it sold in August 2014, after getting an offer from Energy Transfer Co. that was too attractive to refuse. Susser took the helm of the family enterprise in 1998, at the bottom point of a deep regional recession. Under his leadership, Susser Holdings invested heavily in retail fuel distribution, building a chain of more than 630 gas station convenience stores in Texas, New Mexico and Oklahoma. It also developed a quick-service Mexican restaurant concept, Laredo Taco Company. Susser hopes to keep the bank family-owned for at least as long as the fuel company existed. Susser Bank's website proclaims it is “built to last, not to sell.” The rebranding was intended to reinforce that message. Susser admitted the new name led to a “split decision” inside his family, where his wife and one of his three children “are incredibly committed to being low profile.” Though the company considered several other options, it ultimately concluded none packed the punch of the family name, which links the bank to the Sussers’ long history of entrepreneurship. “Frankly, we’ve done tens of billions of dollars of business with Texas-based companies and have always been maniacally obsessed with how we handled ourselves,” Susser said. “We couldn’t come up with a name we thought would be more helpful in terms of opening doors, recruiting people and recruiting clients.”
After selling his family's gas station business, “I didn’t want to be a family-office guy that just invested in other people’s deals. I wanted to build another company," said Sam Susser, chairman of Susser Bank. Lee Bradley, senior managing director at Community Capital Advisors in Duluth, Georgia, said the kind of not-for-sale declaration Susser is touting is not unprecedented. It doesn’t always act as a shield against offers from suitors, either. “It’s kind of like Murphy’s Law,” Bradley said. “They’re the ones that [get] courted most.”
At the same time, positioning the bank as a long-term player inside a rapidly consolidating industry will likely carry weight with Texas business owners, Bradley added. Texas entrepreneurs “like community banks,” he said. “They want to size you up, know who they’re doing business with.”
Paul Schaus, CEO at CCG Catalyst Consulting Group in Phoenix, largely agreed. While a bank’s ownership doesn’t matter to a lot of people, the ones likely to be the most sensitive to Susser Bank’s new message happen to be the ones it’s most interested in courting, according to Schaus. “When you’re a small-business client who has a loan or a line of credit and a great relationship with a lender, you get nervous” about change, Schaus said. “A new management team or different lenders might not know the client as well, or they might have a new process that adds friction.”
Messaging will be key. Susser’s built-to-last tagline offers “a huge opportunity to create messaging and a story that could resonate with entrepreneurs,” said April Rudin, CEO at the Rudin Group, a New York-based financial services marketing firm. “There’s plenty of white space for this type of bank,” Rudin added. “The win will happen if their message is client-centric and demonstrates how their offerings connect with entrepreneurial pain points.”
Path to banking
While Susser profited significantly from the sale of Susser Holdings, he never seriously considered retiring. “I was 51 years old,” he said. “I didn’t want to be a family-office guy that just invested in other people’s deals. I wanted to build another company.”
Banking seemed a natural option. Susser had worked three years as an investment banker at Salomon Brothers after graduating from the University of Texas, and the long years in business had produced healthy respect for the profession within the Susser family. “When my grandfather passed away in the early 1990s, he asked for his bankers to be his honorary pallbearers,” Susser said. The family also hosted a lunch for those bankers as a thanks for their 50 years of working together. Susser hired an investment banker, who introduced him to the top executives of nearly two dozen Texas community banks, including Garry Graham, Affiliated Bank’s longtime CEO. Affiliated “had good bones,” Susser said. “I found a group that I was really excited about, that I thought could be the platform to help us build a really interesting company.”
Since taking over, Susser has worked to reposition the organization as more of a traditional commercial bank. Affiliated had been profitable under CEO Garry Graham, generating $26 million in the three and a half years before Susser’s arrival. However, its loan book was concentrated in construction-and-development, commercial real estate and residential mortgage lending. Construction-and-development loans composed nearly a third of the $568 million loan portfolio on June 30, 2018. “The board felt the regulators weren’t going to let them keep growing with all that concentration,” Susser said. “All the eggs were in one basket.”
Graham stayed on at Susser Bank after the change in leadership. Rather than scale back the money-making construction-and-development business, Susser’s goal has been to grow the other parts of the bank around it. The strategy appears to be working. Though its investment in construction-and- development lending remains substantial, it amounted to just under 20% of Susser’s portfolio — excluding Paycheck Protection Program loans — on March 31 of this year. Meanwhile, the commercial-and-industrial portfolio has doubled in size, to $85 million. Building a legacy
For now, Susser’s plans for organic growth in the big Texas markets he is targeting. Still, acquisitions are possible, especially if the deposit market tightens. “The industry is awash in liquidity and deposits,” Susser said. “That’s not going to last forever. … When the pendulum swings, we will probably be interested in [acquiring] deposit-rich franchises.”
An initial public offering is likely also in the cards, though Susser is quick to add a stock sale won’t alter the bank’s long-term strategy. “Public companies don’t all manage for the short-term,” Susser said last month during an interview on a Dallas radio station. An IPO, moreover, would offer other investors an opportunity to cash in their stakes, Susser said. “In the long run, the only way I see that is practical for us to have a multigenerational company is to perform well and to have a pathway to liquidity for our outside investors,” Susser said. “I think we’ll continue to finance growth with private capital for a while, but someday we’ll tap the public markets.”
With barely three years of banking experience under his belt, Susser can still be described as a novice, but as a CEO seeking to build a middle-market bank, he possesses one key insight: He knows how it feels to lead a small business struggling to realize its growth potential. “Our business was so bad in the late 1980s and 1990s, it would be routine for me to have to make 10 or 20 requests before I could find someone to lend us the money we needed,” Susser recalled. “Now I’m on the other side of the table. I have tremendous empathy for entrepreneurs and all they go through to cobble together a business.”
PNC, Regions and TD are among the banks that have taken steps to reduce their reliance on charges that disproportionately hit consumers living paycheck to paycheck. The changes come at a time when the Biden administration is expected to take a tougher stance on overdrafts. The chief operating officer now oversees numerous divisions at the Office of the Comptroller of the Currency. But as part of a reorganization, the COO’s position is being eliminated and several units will come under the direct authority of the comptroller.

Former gas station tycoon pumping up Texas bank

Retired President and CEO of Sunoco LP Brings 40 Years of Energy Industry
Leadership Experience and Strong Governance Background
October 05, 2020 08:30 AM Eastern Daylight Time
WALTHAM, Mass.--( BUSINESS WIRE )--Global Partners LP (NYSE: GLP) today announced the appointment of Robert W. “Bob” Owens to the Board of Directors of its general partner, Global GP LLC, effective October 1, 2020. Eric Slifka, President and CEO of Global Partners and Vice Chairman of Global GP LLC, said, “Bob brings a deep history of entrepreneurialism, innovation and success in leading and growing energy sector businesses. He started out as a gas station attendant at 15, worked his way through the industry and retired after leading Sunoco through the diversification of its product lines and improvements to its retail business. Through decades of changes in the fuel space, Bob led companies of all sizes to success. Not only does he understand where the industry has been, he sees where it needs to go. It would be difficult to find someone who understands this business better.”
Mr. Owens, 66, was appointed CEO of Sunoco LP upon the company’s sale to Energy Transfer Partners, L.P. in 2012. He helped successfully grow Sunoco through a series of strategic transactions, including the acquisition of Susser Holdings Corporation. He joined Sunoco in 1997 and was responsible for the company’s branded business. Additional areas of responsibility were added over time, including supply and trading of crude and refined products, biofuels manufacturing and marketing, and petrochemicals. During his tenure, the company added renewable fuels, compressed natural gas, and electric charging stations at strategic retail outlets. Prior to Sunoco, he served in executive roles for Ultramar Diamond Shamrock Corporation, Amerada Hess Corporation and Mobil Oil Corporation. Mr. Owens received a bachelor's degree in business administration from California Polytechnic State University and an MBA from the Kellogg Graduate School of Management at Northwestern University. He served as a member of the Board of Directors of Philadelphia Energy Solutions, Inc. (PES) from 2012 through the sale of the PES refinery to Hilco Redevelopment Partners in June 2020. “Bob’s deep executive leadership experience and strong governance expertise, built over more than four decades in diverse arenas of the energy industry, make him uniquely qualified to serve on our Board,” said Richard Slifka, Chairman of Global GP LLC. “His background successfully managing businesses large and small and strategic insights ideally complement the Board’s skillset, and we look forward to benefitting from his perspective.”
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast, Global is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. For additional information, visit www.globalp.com .

Global Partners Announces the Appointment of Robert Owens to its Board of Directors

| Source: Core-Mark Holding Company, Inc.
SOUTH SAN FRANCISCO, Calif., Jan.  25, 2019  (GLOBE NEWSWIRE) -- Core-Mark Holding Company, Inc. (Nasdaq: CORE), one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America, announced today that it has appointed Rocky Dewbre to its Board of Directors. The size of Core-Mark's Board was increased from nine to ten members in connection with this new appointment. “We are very pleased to have Rocky join our board,” said Randolph I. Thornton, Chairman of the Board of Core-Mark. “He brings a valuable and broad-based level of experience in the convenience store industry, a vast and current understanding of the retail landscape along with a proven record in strategic leadership.”
Dewbre, 53, is the Chief Executive Officer of Empire Petroleum Partners, LLC in Dallas Texas, and served as a Board member for CST Brands, Inc. from 2016 until 2017 when it was acquired by Couche-Tard. Prior to joining CST Brands’ Board, Mr. Dewbre served as Executive Vice President at SUNOCO LP from 2014 to 2015. From 1999 until 2014 Mr. Dewbre served in a variety of leadership positions at Susser Holdings Corporation. Mr. Dewbre has a B.B.A. from Texas Tech University in Accounting and Management Information Systems and an MBA from the University of Texas. He also completed the Authentic Leadership Development program at Harvard University. About Core-Mark
Core-Mark is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Founded in 1888, Core-Mark offers a full range of products, marketing programs and technology solutions to approximately 44,000 customer locations in the U.S. and Canada through 32 distribution centers (excluding two distribution facilities the Company operates as a third party logistics provider). Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products. For more information, please visit www.core-mark.com . Contact: Ms. Milton Gray Draper, Director of Investor Relations at 650-589-9445 x3027 or at . Related Articles

Core-Mark Appoints New Board Member

. (NYSE: ORN) (the "Company") a leading specialty construction company, today announced the appointment of Mary Sullivan and Michael Caliel to the Board of Directors, as well as the retirement of Gene Stoever as a board member. The Board’s appointment of Ms. Sullivan and Mr. Caliel to the Board of Directors will be effective January 1, 2019. Their initial terms will expire at the 2019 annual meeting of stockholders, at which time the Board will propose Ms. Sullivan for re-election as a Class III Director to serve until the 2022 annual meeting of stockholders, and will propose Mr. Caliel for re-election as a Class II Director to serve until the 2021 annual meeting of stockholders. In addition, Gene Stoever has announced his retirement from the Board effective December 31, 2018. Mr. Stoever has served as a member of the Company’s Board since 2007. With the appointment of Ms. Sullivan and Mr. Caliel and the retirement of Mr. Stoever, the Orion Group Holdings, Inc. Board will expand to seven Directors. Richard Daerr, Orion’s Chairman of the Board of Directors, commented, “We are pleased to welcome Mary and Michael as new independent directors to Orion’s Board. We are confident they will provide valuable perspectives as we continue to execute on our strategy to be a premier specialty construction company focused on providing solutions for our customers across the infrastructure, industrial, and building sectors, while maintaining a healthy financial position and maximizing stakeholder value. We also want to thank Gene for his years of service to Orion and his many valuable contributions, and wish him all the best in his retirement.”
About Mary Sullivan
Ms. Sullivan currently serves as CFO for Susser Holdings II, LP. From 2000 to 2015, Ms. Sullivan worked for Susser Holdings Corporation (NYSE: SUSS), a company engaged in convenience store and fuel distribution operations, as Vice President of Finance and as Executive Vice President, Treasurer and Chief Financial Officer. From 2012 to 2015, Ms. Sullivan also served as Executive Vice President, Treasurer and Chief Financial Officer of Susser Holdings’ subsidiary, Susser Petroleum Partners (NYSE: SUSP/SUN). From 1999 to 2000, Ms. Sullivan served as Director of Finance for the City of Corpus Christi. Prior to this, Ms. Sullivan served as Controller of Elementis Chromium, LP, a chrome chemical manufacturer, from 1993 to 1999. From 1979 to 1992, Ms. Sullivan served in accounting positions and as Treasurer for Central Power and Light Company. Ms. Sullivan also has been a director of Affiliated Bank, a privately-owned community bank, since 2018. Ms. Sullivan is a Certified Public Accountant, a Certified Management Accountant, a Chartered Financial Analyst and a Chartered Global Management Accountant. About Michael Caliel
Mr. Caliel served as President and Chief Executive Officer for Layne Christensen Company (NASDAQ: LAYN) from 2015 to 2018, where he also served as a member of the Board of Directors. Prior to this, from 2011 to 2014, Mr. Caliel served as President and Chief Executive Officer of Invensys Operations Management, a Division of Invensys PLC and from 2006 to 2011, he served as President, Chief Executive Officer and Director of Integrated Electrical Services, Inc.  From 1993 to 2006, Mr. Caliel held various positions at Invensys, Inc. including President, Americas; President, North America and Europe, Middle East and Africa; and President, Invensys Process Systems. Prior to this, from 1991 to 1993 Mr. Caliel was Director of Marketing, Hydrocarbon Processing Industries for Honeywell, Inc. and from 1981 to 1991 he held a number of positions of increasing responsibility at Asea Brown Boveri (ABB), Inc.  
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. Forward-Looking Statements
The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'approximately', 'intends', 'plans', 'estimates', or 'anticipates', or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company's fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise. Please refer to the Company’s Annual Report on Form 10-K filed on March 13, 2018, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov , for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts. Contact:

Orion Group Holdings, Inc. Announces Board of Director Changes

- Distribution increased 7.5 percent versus 3Q 2015, 33.6 percent versus 4Q 2014 levels- A record 40 new Stripes stores opened in 2015, 10 currently under construction- Completed dropdown acquisitions...
February 24, 2016 --
HOUSTON, Feb. 24, 2016 /PRNewswire/ --Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership") today announced financial and operating results for the three- and twelve-month periods ended December 31, 2015. Adjusted EBITDA (1) attributable to partners for the quarter totaled $112.2 million, compared with $65.5 million in the fourth quarter of 2014. The favorable year-over-year comparison primarily reflects the acquisitions of 31.58 percent of Sunoco, LLC in April and Susser Holdings Corp. in July, both of which were acquired from SUN's affiliate, Energy Transfer Partners, L.P. (NYSE: ETP). All fourth quarter 2014 and full year 2014 figures and comparisons represent as previously reported results for the fourth quarter and full year 2014 and do not reflect any retrospective adjustments for the Sunoco LLC and Susser Holdings acquisitions which were accounted for as transactions between entities under common control. Distributable cash flow (1) attributable to partners, as adjusted, for the quarter was $90.1 million, compared to $51.1 million a year earlier, and distributable cash flow per common unit was $1.03. Revenue was $3.7 billion for the quarter, up 184.6 percent compared to $1.3 billion in the fourth quarter of 2014. The increase was the result of the contribution of merchandise and retail fuel sales from the Susser's Stripes convenience store chain and the wholesale fuel distribution sales and rental income from SUN's interest in Sunoco, LLC on a consolidated basis, partly offset by the impact of a 37-cent per gallon decrease in the average selling price of fuel. Total gross profit was $333.2 million for the quarter, compared to $93.2 million in the fourth quarter of 2014. Key drivers of the increase were the contribution from the previously mentioned acquisitions, which resulted in higher-margin retail fuel gallons and merchandise being added to the overall sales mix. Net income attributable to partners was $7.8 million for the quarter, or ($0.13) per diluted unit, versus $30.1 million, or $0.83 per diluted unit, in the fourth quarter of last year. On a weighted-average basis, excluding non-controlling interest, fuel margin for all gallons sold in the fourth quarter increased to 15.1 cents per gallon, compared to 13.0 cents per gallon a year ago. The margin increase was driven by the addition of higher-margin retail gallons sold at Stripes, which were partly offset by the wholesale gallons sold through Sunoco, LLC. Adjusted EBITDA attributable to partners from the wholesale segment was $57.9 million in the fourth quarter. Excluding the non-controlling interest, total wholesale gallons sold in the fourth quarter were 651.8 million, compared with 546.4 million in the fourth quarter of 2014, an increase of 19.3 percent. This includes gallons sold to affiliate-operated convenience stores, consignment stores and third-party customers, including independent dealers, fuel distributors and commercial customers. As a result of the Susser acquisition, which converted affiliate volumes to retail volumes, motor fuel gallons sold to affiliates decreased 72.5 percent from a year ago to 84.0 million gallons during the fourth quarter of 2015, excluding the non-controlling interest. Affiliate customers for the quarter included Sunoco R&M retail fuel and convenience store sites operated by a subsidiary of ETP. All affiliate gallons are sold to Sunoco's retail fuel and convenience stores at a fixed margin of 4.0 cents per gallon. Other third-party wholesale fuel volumes, excluding non-controlling interest, increased from a year ago by 135.1 percent to 567.7 million gallons related to the acquisition of 31.58 percent of Sunoco, LLC. Gross profit on these gallons was 12.1 cents per gallon, compared to 17.6 cents per gallon a year earlier, driven by a change in customer mix related to the acquisition of the interest in Sunoco, LLC. Adjusted EBITDA attributable to partners related to the retail segment was $54.3 million in the fourth quarter. Total retail gallons sold increased by 488.0 percent to 354.0 million gallons as a result of the acquisition of Susser. The Partnership earned 22.4 cents per gallon on these volumes, compared to 44.5 cents per gallon a year earlier. The addition of lower-margin retail volumes at Stripes drove most of this decrease. Merchandise sales increased by 918.8 percent to $400.4 million from a year ago and contributed $132.7 million of gross profit, reflecting the contribution from the Stripes stores. Retail gallons sold by Stripes locations during the fourth quarter totaled 291.4 million gallons. Gross profit on these gallons was $52.0 million, or 17.9 cents per gallon. Merchandise sales from these locations totaled $343.6 million and contributed $118.9 million of gross profit. On a same-store sales basis, Stripes store merchandise sales decreased by 1.1 percent and fuel sales declined 4.9 percent, primarily reflecting lower year-over-year activity in oil patch markets in South and West Texas. Excluding markets that are directly impacted by oil drilling activity declines, the Stripes business achieved a 4.0 percent increase in merchandise sales and a 0.6 percent decrease in fuel sales volumes on a same-store basis. As of December 31, SUN operated 725 convenience stores and retail fuel outlets in Texas, New Mexico and Oklahoma primarily under its Stripes brand. SUN also operates approximately 175 convenience stores and fuel outlets in Georgia, Tennessee, Virginia, Maryland and Hawaii, primarily under the MACS, Tigermarket and Aloha Island Mart brands. On a same store sale basis, these stores saw growth of 12.5 percent in merchandise sales and a 0.9 percent decline in fuel gallons for the quarter. SUN's other recent accomplishments include the following:
In November, SUN announced the dropdown of the remaining wholesale fuel and retail marketing assets from ETP for approximately $2.226 billion. The transaction is expected to close in March 2016. A significant portion of the consideration for the transaction will be provided by a $2.035 billion term loan due October 2019, which was fully underwritten by Credit Suisse, Bank of America Merrill Lynch, Compass Bank, Mizuho Bank and Toronto Dominion. The terms of the term loan will substantially mirror SUN's existing $1.5 billion revolving credit facility. In conjunction with the dropdown, a group of private investors and Energy Transfer Equity, L.P. (NYSE: ETE) committed to purchase $750 million of SUN common units in an unregistered private placement at a gross price of $31.00 per unit, prior to adjustments. The private placement closed and funded in December, with the exception of ETE's portion, which will fund at the closing of the dropdown transaction. The proceeds of the private placement were used to repay borrowing under SUN's revolving credit facility and for general partnership purposes. On December 16, a wholly owned subsidiary of SUN completed the acquisition of a wholesale fuel distribution business serving the Northeastern United States from Alta East Inc. for $57 million plus the value of inventory on hand at closing. SUN's segment results and other supplementary data are provided after the financial tables shown below. FY 2015 Compared to FY 2014
Revenue for the full year 2015 totaled $16.9 billion, a 213.0 percent increase compared to full year 2014. Gross profit for this period increased 752.8 percent year-over-year to $1.5 billion. Total motor fuel volumes sold to affiliates, excluding the non-controlling interest, decreased by 70.6 percent to 346.4 million gallons as a result of the Susser acquisition, which converted affiliate volumes to retail volumes. Wholesale gallons sold to third parties, excluding the non-controlling interest, increased by 214.2 percent to 2.4 billion gallons. Retail gallons sold increased by 1,595.8 percent to 1.4 billion gallons. On a weighted-average basis, fuel margin for all gallons sold, excluding the non-controlling interest, increased to 15.1 cents per gallon for the full year 2015, versus 7.0 cents per gallon in the full year 2014. Net income attributable to partners for the full year 2015 totaled $87.2 million, a 53.8 percent increase compared to full year 2014. Adjusted EBITDA attributable to partners was $444.1 million, compared to $122.3 million for the 2014 period, and distributable cash flow, as adjusted was $272.2 million, versus $92.5 million for 2014. Distribution Increase
On January 26, the Board of Directors of SUN's general partner declared a distribution for the fourth quarter of 2015 of $0.8013 per unit, which corresponds to $3.2052 per unit on an annualized basis. This represents a 7.5 percent increase compared to the distribution for the third quarter of 2015 and a 33.6 percent increase compared with the fourth quarter of 2014. This is the Partnership's 11th consecutive quarterly increase. The distribution was paid on February 16 to unitholders of record on February 5. SUN achieved a 1.04 times distribution coverage ratio for the fourth quarter. The coverage ratio was negatively impacted by the private placement completed in December. SUN achieved a 1.37 times coverage ratio for the 12 months ended December 31, 2015. Liquidity
At December 31, 2015, SUN had borrowings against its $1.5 billion revolving credit facility of $450.0 million and $22.5 million in standby letters of credit, leaving unused availability of $1,027.5 million. Net debt to Adjusted EBITDA, pro forma for the 31.58 percent of Sunoco, LLC and Susser Holdings Corp. acquisitions, was 4.1 times at year-end. (1)
Adjusted EBITDA and distributable cash flow are non-GAAP financial measures of performance that have limitations and should not be considered as a substitute for net income. Please refer to the discussion and tables under "Reconciliations of Non-GAAP Measures" later in this news release for a discussion of our use of Adjusted EBITDA and distributable cash flow, and a reconciliation to net income. Earnings Conference Call
Sunoco LP management will hold a conference call on Thursday, February 25, at 9:00 a.m. CT (10:00 a.m. ET) to discuss fourth quarter and full year results and recent developments. To participate, dial 412-902-0003 approximately 10 minutes early and ask for the Sunoco LP conference call. The call will also be accessible live and for later replay via webcast in the Investor Relations section of Sunoco's website at www.SunocoLP.com under Events and Presentations. About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that operates approximately 900 convenience stores and retail fuel sites and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in more than 30 states at approximately 6,800 sites, both directly and through our 31.58 percent interest in Sunoco, LLC, owned in partnership with Energy Transfer Partners, L.P. (NYSE: ETP). Our parent -- Energy Transfer Equity (NYSE: ETE) -- owns SUN's general partner and incentive distribution rights. ETP owns a 36.4% limited partner interest. For more information, visit the Sunoco LP website at www.SunocoLP.com
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. The information contained in this press release is available on our website at www.SunocoLP.com
Qualified Notice
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of Sunoco LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Sunoco LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Contacts


Sunoco LP Announces 4Q and Full Year 2015 Financial and Operating Results

Arsenal Capital Partners

Susser Holdings Corporation

Wellspring Capital Management

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Amount Raised

Shares Authorized

Issuance Price

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Liquidation Preferences

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Acq - P2P

Susser Holdings Corporation is a third-generation family led business with Company-operated or contracted locations. The Company operates convenience stores in Texas, New Mexico and Oklahoma under the Stripes banner. Restaurant service is available in more than 335 of its stores, primarily under the Laredo Taco Company brand. The Company also supplies branded motor fuel to approximately 565 independent dealers through its wholesale fuel division.

Energy Transfer Partners

Name	Firm	Work History	Other Seats
Stephen Mclean	Arsenal Capital Partners		Susser Holdings Corporation
William Dawson	Wellspring Capital Management		Susser Holdings Corporation

Name	Stephen Mclean	William Dawson
Firm	Arsenal Capital Partners	Wellspring Capital Management
Work History
Other Seats	Susser Holdings Corporation	Susser Holdings Corporation

Name	Title	Status
Sam L Susser	Chief Executive Officer, President	Current
Mary E Sullivan	Chief Financial Officer	Current
Roger D. Smith	Chief Operating Officer	Current

Name	Sam L Susser	Mary E Sullivan	Roger D. Smith
Work History
Title	Chief Executive Officer, President	Chief Financial Officer	Chief Operating Officer
Status	Current	Current	Current

Wells Fargo Success Story

3M Success Story

Platform Overview

Susser Holdings Corporation

Executives

Board of Directors

Susser Holdings Corporation Board of Directors

Susser Holdings Corporation Management Team

3 Team Members

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