CrossAmerica Partners LP

CAPL is a Delaware limited partnership formed in 2011, engaged in the wholesale distribution of motor fuel and the ownership and leasing of real estate used for retail motor fuel distribution. The company also generates revenue from operating its own retail sites. The Topper Group controls CAPL's General Partner, enabling it to appoint all Board members and manage the Partnership's operations. As of February 20, 2026, the Topper Group beneficially owns a 38.5% limited partner interest. CAPL operates through two segments: retail and wholesale. As of December 31, 2025, the company owns or leases approximately 1,000 sites, with 352 operated as company-owned sites. Including these, CAPL distributed motor fuel to approximately 1,600 sites across 34 states. CAPL is among the ten largest independent distributors by motor fuel volume in the United States for ExxonMobil, BP, and Marathon. It also distributes Shell, Valero, and Phillips 66-branded motor fuels, with approximately 95% of motor fuel distributed in 2025 being branded. For approximately 54% of gallons sold, the company receives a per-gallon rate equal to the posted rack price, minus applicable discounts, plus transportation costs, taxes, and a fixed per-gallon rate. The remaining gallons are either retail sales or wholesale DTW contracts with variable, market-based pricing.