Operates in the highly fragmented and competitive convenience store and fuel retailing industry. Small scale and highly concentrated store footprint in Southern California. Unique long-term fuel supply agreement reduces exposure to fuel price volatility. Highly leveraged capital structure with adjusted debt to EBITDA expected to remain above 7x over the next 12 months. Reasonably consistent cash flow generation, material cash balance and undrawn revolver of $67 million as of March 31, 2018, support the company's adequate liquidity profile. Financial sponsor ownership and growth ambitions limit the likelihood of near-term material deleveraging. The stable outlook reflects S&P Global Ratings' expectation that Apro LLC (United Pacific) will continue to enhance its c-store merchandise over the next year, leading to modest EBITDA growth,
