Canadian convenience store operator Alimentation Couche-Tard has announced that its subsidiary, Mac’s Convenience Stores, has signed an agreement with Ports Petroleum to purchase seven stores located in Ohio.
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Should this transaction close as planned on 3 November, these acquisitions would add sales of approximately US$35m to Couche-Tard’s revenues and contribute to its earnings on an annualised basis, the company said.
The purchase agreement is for seven convenience stores currently operated under the Fuel Mart banner, all with fuel facilities and one with a quick service restaurant under the Subway banner. Most of these stores are located around Cleveland, Ohio. Pursuant to this transaction, the company would buy the land and buildings for six locations, and would lease the other one.
“We are pleased with this opportunity which allows us to complement the network expansion plans in the Midwest. Consistent with our development strategy, we selected these seven stores based on the following criteria: prime locations, potential for growth and quality of people. Under our operation model and with the efficiency of our marketing programmes, these seven sites would contribute to improve profitability of the Midwest division. Subsequent to this transaction, our network in the Midwest division would include a total of 499 stores. These sites are located within the areas of our existing Circle K stores and would eventually be operated under the Circle K banner,” said Michel Bernard, vice president of the company’s Midwest operations.
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