Susser Holdings Corporation to Energy Transfer Partners, L.P.

Deal Information

Target

Susser Holdings Corporation

Acquiror

Energy Transfer Partners, L.P.

Sector

Fuel & Convenience Stores

Target Type

Public

Acquiror Type

Strategic

Advisors

BofA

Enterprise Value

EV / LTM Sales

EV / LTM EBITDA

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

EV/LTM EBITDA selected range: 7.5x - 9.0x

10 comps


-	Jul 2003	Clark Retail Enterprises, Inc.	Alimentation Couche-Tard Inc.	-	-	-	-
-	Aug 2003	Golden Gallon	The Pantry, Inc.	-	-	-	-
-	Oct 2003	Circle K Stores, Inc.	Alimentation Couche-Tard Inc.	-	-	-	-
-	Jan 2004	Uni-Marts Inc.	Green Valley Acquisition Co. LLC	-	-	-	-
-	Oct 2005	7-Eleven, Inc.	Seven-Eleven Japan Co., Ltd.	-	-	-	-
	Dec 2005	Susser Holdings Corporation	Wellspring Capital Management LLC	-	-	-	-
-	Sep 2007	Town & Country Food Stores	Susser Holdings Corporation	-	-	-	-
-	Sep 2010	Casey's General Stores, Inc.	Alimentation Couche-Tard Inc.	-	-	-	-
-	Nov 2010	Casey's General Stores, Inc.	7-Eleven, Inc.	-	-	-	-
-	Apr 2012	Statoil Fuel & Retail	Alimentation Couche-Tard Inc.	-	-	-	-
		Mean			-	-	-
		Median			-	-	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Sum of parts

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
BofA Sum of parts	7.5% – 9.0%	Unspecified	-	-	-	Open