Susser — Merger or Acquisition (April 2014)
14 slides from Susser's merger presentation, Apr 28, 2014
Slide 1: Acquisition of Susser Holdings Corporation Investor Conference Call
Exhibit 99.2 ENERGYApril INVESTOR Acquisition Monday, TRANSFER of CONFERENCE Susser 28th, 2014 Holdings PARTNERS CALL Corporation
Slide 2: Important Legal Disclaimer and Safe Harbor Statement
LEGAL IMPORTANT In Securities transaction. AND AVAILABLE. web request Energy 0795 PARTICIPANTS ETP Information 31, more SAFE Statements L.P. Litigation “anticipates,” materially and the national, political decisions; 2aReports result connection proposed potential 2013, the (“ETE”), site and Phone: c
Slide 3: Introductions: Speakers and Participants
Martin Speakers: INTRODUCTIONS Jamie Group Bob President Kelcy Participants: Chief Sam 3Chairman Owens L.Executive Financial Welch Warren Chief Salinas Susser &&Chief Chief Financial Officer, Officer Executive Executive Officer ETP & Chairman, Officer, Officer, & HeadSunoco SUSS/SUSP ETP of Corp. De
Slide 4: Transaction Overview: Acquisition of SUSS
TRANSACTION –Acquisition SUSS ~$300 Energy exchanged SUSP 4Transaction On awill shareholders million 50/50 Transfer remain for of isbasis, offers expected of ETP SUSS Partners, Equity, drawn TERMS acompelling common consideration can separate, shares elect to borrowings L.P. L.P. close funded (“ETE”
Slide 5: Transaction Rationale: Why Susser?
TRANSACTION Action Full Provides Compelling Creates Likely We Why Ability Susser’s Strong –Opportunity Tangible Significantly Expected ETP 5Drop Acquisition Distribute Drop Exchange Highly SUSP’s strie integration credit Susser? downs to management Plan down to immediate to business retail value Res
Slide 6: Illustrative Transaction Steps
ILLUSTRATIVE ~$895 11.0 New PropCo. 100% SUSS Sunoco/MACS LP Susser PropCo ETE Closing Dropdown Over Incremental Cash Transactions Step ETP –Transaction SUSP Our ~$895mm 16.2 PropCo Requires Interests overall million LP acquires distributes 1: 2: 3: to SUSP time, proceeds of GP/IDRs will GP LP mm mi
Slide 7: Susser Business Overview
SUSSER •Corporation Subordinated “land (“general GP Public Susser Common LP 49.8% Wholesale (“SUSP”) Motor Owned Owns C-Stores One Rio 4% San Laredo 5% Midland Lubbock 7% Texoma 8% 7Houston Retail Sale Owned interest interest 3% Angelo Grande ofbank” of 40 Fuel Unith Holdings GP Largest the 31% & Op
Slide 8: Combination Creates a Stronger, More Diversified Retail Platform
COMBINATION CREATE Established Sunoco Strategic Iconic Demonstrated Track One Susser Strong Successful In-house 8Combined ofrecord brand financial the“land expertise Acompany largest restaurant East STRONGER with ofcapability bank” strong position Coast OF strong retail/wholesale inwill supply progr
Slide 9: Combination Provides Significant Geographic and Product Diversity
COMBINATION AND Operated Owned1), Total 1,183 Key 4,735 1,578 6,313 Motor Other % EBITDA Includes Susser Sunoco 2013 ofBusiness Retail pro sites INCREASES 665 $616 $1,066 $1,682 Margin Fuel PF both forma ($ Sites company 4,549 5,152 Susser $524 Sales Margin millions) $229 $753 fee ($ Metrics Sunoco
Slide 10: Integration Considerations
INTEGRATION Achieve –discipline The 10Sunoco Entry Expansion Improved Information Operational addition combination transaction ofbuying will that the economies of ofsynergies Sunoco technology be has the Susser will power CONSIDERATIONS able will allowed Stripes create also to brand to synergies ofr
Slide 11: Significant, Tangible Synergy Opportunities
SIGNIFICANT, Synergy Susser $5 Public $35 Fuel Convenience Large $17 Improved G&A $13 Total $70 Synergies C-Stores Economies Procurement, Annual /Contract Company Corporate Shared opportunities G&A Buying Margin 11ofMerchandise Scale Services Purchases, TANGIBLE Expenses Savings in Power Prepared ar
Slide 12: Timing and Next Steps
TIMING 3—4 ~6 April Week 3Announce File (HSR) Regulatory Distribute Subject 3Q Acquisition Integration 12– weeks 2014: 4for months weeks 2014 of Approval toApril AND Proxy Susser the plan Close expected transaction 28th STEPS toto shareholder go Shareholders Sign into timing Merger effect vote from
Slide 13: Conclusion: Compelling Transaction
“Smart” CONCLUSION support Compelling manner –Transaction The Anticipated An A The Expected Significant Level Cash powerful transaction exchange high proceeds its of transaction cashflow growth growth drop is retail commercial/operational platform drop accretive of will downs from SUSP combination s
Slide 14: Energy Transfer
.\ > ENERGY TRANSBER” > : “ay