Wellspring Distributes Remaining Susser Shares to its LPs

Wellspring Capital Management has announced a distribution to its limited partners of approximately 850,000 remaining shares of its investment in portfolio company Susser Holdings Corporation. Wellspring acquired Susser in December 2005 and took the Company public in October 2006. Corpus Christi, Texas-based Susser Holdings Corporation is a third-generation family-led convenience store business.

PRESS RELEASE

Wellspring Capital Management LLC (“Wellspring”) today announced a distribution to its limited partners of the approximately 850,000 remaining shares of its investment in portfolio company Susser Holdings Corporation (NASDAQ: SUSS) (“Susser”). The distribution of these shares was the final step in Wellspring’s exit of its successful investment in the Company.

Wellspring acquired Susser in December 2005 and took the Company public in October 2006. More recently, on July 23, 2012, Susser closed on a public secondary offering and sold 5.0 million shares of Susser common stock owned by Wellspring at $36.00 per share. On August 1, 2012, the underwriters exercised their full overallotment option and purchased an additional 750,000 of Wellspring’s shares at the offering price bringing the total number of shares sold by Wellspring in the offering to 5.75 million shares.

William F. Dawson, Jr., a Managing Partner of Wellspring, said, “Susser epitomizes a successful Wellspring portfolio company investment. Susser is a quality business, with strong brand recognition, where we partnered with management to execute our collective strategy and create substantial value for our investors. We are pleased with the strong return this investment has generated for our investors.”

Alexander E. Carles, a Partner of Wellspring, added, “Since we partnered with Sam Susser and his colleagues in 2005, we have been working closely with the management team to consolidate the fragmented convenience store market and continue to grow the Company organically. By every metric, Susser has achieved substantial growth and is well positioned to further capitalize on opportunities in the Texas marketplace.”

Sam L. Susser, President and Chief Executive Officer said, “Wellspring has been an invaluable partner these past seven years. Together we accomplished all of our financial and operational goals – tripling EBITDA since the initial public offering in 2006, completing a roll-out of new Stripes branding across the store base, and growing food service sales to diversify the Company’s revenue stream. We are grateful to Wellspring for their support and for setting us on the path of growth.”

About Wellspring Capital Management
Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources.

About Susser
Corpus Christi, Texas-based Susser Holdings Corporation is a third-generation family led business with approximately 1,100 Company-operated or contracted locations. The Company operates approximately 545 convenience stores in Texas, New Mexico and Oklahoma under the Stripes® banner. Restaurant service is available in more than 335 of its stores, primarily under the proprietary Laredo Taco Company® brand. The Company also supplies branded motor fuel to approximately 565 independent dealers through its wholesale fuel division.

Media Contacts:

Kekst and Company
Mark Semer / Micheline Tang
212.521.4800
micheline-tang@kekst.com

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