US: Couche-Tard acquires Florida stores
By Katy Askew | 14 August 2012
Canadian convenience chain Couche-Tard has acquired 29 forecourt locations in Florida from Florida Oil Holdings.
The acquisition was made through Couche-Tard's wholly-owned subsidiary Circle K Stores for an undisclosed sum. It is expected to close by the end of the month.
The company plans to convert the Orlando sites to the Circle K banner and the move would bring the group's total store count in Florida to 406 locations.
The deal will be funded through cash on hand and available credit facilities, the company said in an announcement today (14 August).
"This is a great opportunity for the Florida division to strengthen our market share in the Orlando market. The assets are very high quality and are great locations," David Morgan, vice-president operations for Couche-Tard's operations in Florida, said.
Couche-Tard Acquires 29 Stores in Orlando, Florida
Laval, Québec, August 14, 2012 - Alimentation Couche-Tard Inc. (TSX: ATD.A, ATD.B) announces today that it has signed, through its indirect wholly-owned subsidiary, Circle K Stores Inc., an agreement to acquire 29 stores in Orlando, Florida from Florida Oil Holdings, LLC.
The transaction is anticipated to close at the end of August 2012. The transaction is subject to standard regulatory approvals and closing conditions. According to a confidentiality agreement between the parties the purchase price cannot be disclosed at this time. Internal available cash dollars and available credit facilities will fund the transaction.
All stores are company-operated and offer motor fuel, all under the BP brand. Thirteen of the sites are equipped with car washes. The sites would be operated by Couche-Tard's Florida Division under the Circle K brand. Pursuant to this transaction, the Corporation would buy the land and buildings for 23 locations and the remaining 6 locations are long term leased sites.
"This is a great opportunity for the Florida Division to strengthen our market share in the Orlando market. The assets are very high quality and are great locations. I am very confident the assets and team will make an immediate positive contribution to the Corporation. This transaction would bring the company-operated store count for the division to 406." commented David Morgan, Vice-President Operations, Florida.
Original source: Alimentation Couche-Tard Inc
Sectors: Mergers & acquisitions, Retail
Companies: Couche-Tard
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