Filing Flows › CrossAmerica Partners LP (CAPL) › Takeover & LBO
Is CrossAmerica Partners LP (CAPL) a takeover target?
A leveraged buyout at today's price plus 30% ($29.26 a share) would return about 11% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $21.79 a share (−3% against today's $22.51).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $29.26 | today's $22.51 plus 30% |
| × shares | 38.3 million | |
| = Equity value | $1.1B | |
| + Debt refinanced | $723M | |
| − Cash | $7.8M | |
| = Enterprise value | $1.8B | 10.2× EBITDA of $179M |
| Fees | $36.7M | 2% of the price |
| New debt | $987M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $887M | 47% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $4.4B | $194M | $75.5M | $49.4M | $937M |
| Year 2 | $4.7B | $207M | $71.7M | $64.8M | $872M |
| Year 3 | $5.0B | $218M | $66.7M | $80.8M | $792M |
| Year 4 | $5.2B | $227M | $60.6M | $97.2M | $694M |
| Year 5 | $5.3B | $234M | $53.1M | $114M | $581M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 8.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $2.1B | |
| − Debt left | $581M | |
| = Buyer's equity | $1.5B | |
| Money multiple | 1.67× | on $887M put in |
| Buyer's yearly return (IRR) | 10.8% |
Price against return
What the buyer makes at other premiums over today's $22.51; the IRR reaches 20% at $21.79 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $24.76 | 15.8% |
| 20% | $27.01 | 13.1% |
| 30% | $29.26 | 10.8% |
| 40% | $31.51 | 8.7% |
| 50% | $33.77 | 6.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $4.1B | |
| EBITDA, last 12 months | $179M | 4.4% of revenue |
| Depreciation and amortization | $70.6M | |
| Capital spending | $25.1M | |
| Debt | $723M | |
| Cash | $7.8M | |
| Share price | $22.51 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 22% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, CrossAmerica Partners LP would cost about $31.51 a share, $1.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $25.82 | $990M |
| Median | 40% | $31.51 | $1.2B |
| High end (a quarter paid more) | 60.2% | $36.06 | $1.4B |
CrossAmerica Partners LP's latest quarter
CrossAmerica Partners LP, Q3 2026: revenue $1.2B (+23% year over year), operating margin 2.0%, net earnings $8.8M, operating cash flow $24.5M. The chart follows the revenue to costs, profit and cash.
Questions
Is CrossAmerica Partners LP being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy CrossAmerica Partners LP?
A leveraged buyout at today's price plus 30% ($29.26 a share) would return about 11% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $21.79 a share (−3% against today's $22.51).
What would a takeover of CrossAmerica Partners LP cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, CrossAmerica Partners LP would cost about $31.51 a share, $1.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.