Who Owns CrossAmerica Company?

CrossAmerica Bundle

Get Full Bundle:

	5 FORCES	$15	$10
	BCG	$15	$10
	CANVAS	$15	$10
	4P's MIX	$15	$10
	PESTLE	$15	$10
	SWOT	$15	$10

TOTAL:

ADD TO CART

Who Owns CrossAmerica Partners LP?

Understanding CrossAmerica Partners LP's ownership is key to its strategy and operations. Recent asset sales, like the $64.0 million divestiture of 60 properties in Q2 2025, show how ownership decisions impact financial health and market position.

CrossAmerica Partners LP, founded in 2012, evolved from Lehigh Gas Partners LP established in 1992. Its founder, Joseph V. Topper, Jr., envisioned a leading wholesale fuel distributor and real estate owner for retail fuel. This CrossAmerica PESTEL Analysis explores its ownership evolution.

As of August 2025, the company operates across 34 states, supplying fuel to about 1,800 locations and managing 1,100 sites. In 2023, it reported $2.18 billion in revenue and $48.3 million in net income, with $25.2 million net income in Q2 2025.

CrossAmerica Partners LP was established as a Master Limited Partnership in 2012, with Joseph V. Topper, Jr. recognized as its founder. Topper has held a director position on the Board of the general partner since its inception, indicating his pivotal role in the company's formation and early governance.

Founding of the MLP

CrossAmerica Partners LP was formally organized as a Master Limited Partnership in 2012. Joseph V. Topper, Jr. is identified as the founder of the entity.

Early Governance Involvement

Joseph V. Topper, Jr. has been a director on the Board of the general partner since 2012. This tenure highlights his continuous involvement in the company's strategic direction from its early stages.

Predecessor Entity

Before its current structure, the entity operated as Lehigh Gas Partners LP, founded in 1992. The name officially changed to CrossAmerica Partners LP in October 2014.

Founder's Current Stake

As of 2025, Joseph V. Topper, Jr. holds a significant ownership stake, controlling 57.43% of the common units, which equates to 21.89 million shares.

Early Investment Details

Specific details regarding initial equity splits, early backers, or angel investors during the MLP's formation are not readily available in public records.

Founding Vision and Control

The consistent control and presence of Joseph V. Topper, Jr. from the outset suggest that the founding team's vision significantly shaped the distribution of control within the partnership structure.

While specific details about early agreements, such as vesting schedules or initial ownership disputes, are not publicly disclosed, Joseph V. Topper, Jr.'s substantial ownership and continuous board presence since 2012 underscore his foundational influence on CrossAmerica Partners LP. This strong founding control is a key aspect of the Target Market of CrossAmerica.

Founders and Early Ownership Overview

Joseph V. Topper, Jr. is the identified founder of CrossAmerica Partners LP, established in 2012. His significant ownership stake and continuous board involvement since inception highlight his foundational role.

• Founder: Joseph V. Topper, Jr.
• MLP Formation Year: 2012
• Predecessor Name: Lehigh Gas Partners LP (founded 1992)
• Current Founder Ownership (as of 2025): 57.43% of common units (21.89 million shares)
• Early investment details and specific agreements are not publicly detailed.
• Founder's vision appears to have guided early control distribution.

CrossAmerica SWOT Analysis

• Complete SWOT Breakdown
• Fully Customizable
• Editable in Excel & Word
• Professional Formatting
• Investor-Ready Format

GET TEMPLATE ➔

CrossAmerica Partners LP began its journey as a publicly traded entity with an IPO in October 2012, listed on the New York Stock Exchange under the ticker 'CAPL'. Its structure as a Master Limited Partnership (MLP) means a general partner oversees operations, while limited partners hold units and receive distributions.

The ownership landscape of CrossAmerica Partners LP is significantly shaped by Joseph V. Topper, Jr., the company's founder. His affiliated entities indirectly control CrossAmerica GP LLC, the general partner responsible for management. This control, combined with his substantial direct ownership of common units, gives him a dominant position in the partnership's strategic decisions. Institutional investors also play a notable role, with their collective holdings representing a significant portion of the limited partner units, indicating broad investor interest in the company's performance and strategy, which has included optimizing its real estate assets and focusing on wholesale fuel distribution.

Key Ownership Dynamics

Understanding who owns CrossAmerica Partners is crucial for assessing its strategic direction and governance. The partnership's structure and the concentration of control highlight specific influences on its operations.

• Joseph V. Topper, Jr. holds significant influence through his indirect control of the general partner and direct unit ownership.
• Institutional investors collectively manage a substantial percentage of the limited partner units, impacting CrossAmerica Partners stock.
• The MLP structure defines the relationship between management and unit holders, influencing profit distribution.
• Recent asset sales reflect a strategic focus on wholesale fuel distribution and real estate optimization, a direction influenced by major stakeholders.
• The Marketing Strategy of CrossAmerica is likely shaped by these ownership dynamics.

CrossAmerica PESTLE Analysis

• Covers All 6 PESTLE Categories
• No Research Needed – Save Hours of Work
• Built by Experts, Trusted by Consultants
• Instant Download, Ready to Use
• 100% Editable, Fully Customizable

GET TEMPLATE ➔

The governance of CrossAmerica Partners LP is overseen by the Board of Directors of its general partner, CrossAmerica GP LLC. This structure places significant influence in the hands of entities affiliated with Joseph V. Topper, Jr., the founder of the company.

Joseph V. Topper, Jr. holds substantial voting power within CrossAmerica Partners LP, a Master Limited Partnership, due to his direct ownership of 57.43% of the common units and his indirect control over the general partner. This concentrated ownership structure means that decision-making authority largely rests with him and the board he influences. There have been no significant public challenges to this control in recent times, indicating a stable governance framework.

Understanding CrossAmerica Partners' Governance

CrossAmerica Partners LP's ownership and voting power are concentrated, primarily influenced by its founder, Joseph V. Topper, Jr. This structure impacts how strategic decisions are made and how the company is managed.

• Joseph V. Topper, Jr. is the founder and holds significant voting power.
• The Board of Directors of the general partner oversees company governance.
• As a Master Limited Partnership, its voting structure differs from traditional corporations.
• Understanding Mission, Vision & Core Values of CrossAmerica provides context to their operational approach.
• Key stakeholders include the general partner and common unitholders.

CrossAmerica Business Model Canvas

• Complete 9-Block Business Model Canvas
• Effortlessly Communicate Your Business Strategy
• Investor-Ready BMC Format
• 100% Editable and Customizable
• Clear and Structured Layout

GET TEMPLATE ➔

Over the past few years, CrossAmerica Partners LP has been actively reshaping its ownership profile through strategic asset sales and debt reduction. These initiatives aim to optimize the company's real estate portfolio and enhance its financial standing, influencing who benefits from CrossAmerica Partners profits.

CrossAmerica Partners LP has demonstrated a commitment to portfolio optimization, evidenced by significant asset divestitures. In the second quarter of 2025, the company divested 60 properties for $64.0 million, realizing a net gain of $29.7 million and reducing debt by over $50 million. This follows the sale of seven sites for $8.6 million in the first quarter of 2025, yielding a net gain of $5.6 million. For the entirety of 2024, thirty properties were sold, generating $36.3 million and a net gain of $23.3 million. These moves are part of a broader strategy to refine its real estate holdings and class of trade.

Leadership Continuity

Charles Nifong continues to lead as President and CEO, with Maura Topper serving as Chief Financial Officer. This stable management team guides the company's strategic direction.

Strengthened Balance Sheet

The company's leverage ratio improved to 3.65 times by June 30, 2025, a notable decrease from 4.36 times at the close of 2024, indicating improved financial health.

Acquisition Activity

In late January 2024, an agreement was made to acquire 59 convenience stores, with the transaction expected to conclude by June 30, 2024. This expansion complements the ongoing asset rationalization efforts.

Ownership Trends

Institutional ownership has remained consistent, hovering around 23-24% in 2024-2025. The substantial insider ownership, particularly the controlling stake held by Joseph V. Topper, Jr., ensures a stable strategic vision for CrossAmerica Partners ownership.

The company's strategic adjustments, including its Growth Strategy of CrossAmerica, are designed to navigate industry shifts like fluctuating fuel prices and evolving consumer demands. While institutional investors remain a significant part of the CrossAmerica Partners investors base, the concentrated insider ownership, notably from Joseph V. Topper, Jr., plays a pivotal role in determining the company's direction and who controls CrossAmerica Partners. Public statements indicate a continued focus on portfolio optimization rather than immediate plans for privatization, suggesting that the current ownership structure is likely to persist in the near term.

CrossAmerica Porter's Five Forces Analysis

• Covers All 5 Competitive Forces in Detail
• Structured for Consultants, Students, and Founders
• 100% Editable in Microsoft Word & Excel
• Instant Digital Download – Use Immediately
• Compatible with Mac & PC – Fully Unlocked

GET TEMPLATE ➔