Canadian convenience store operator Couche-Tard is acquiring 13 corporate Petro-T stores in Quebec from privately-held Group Therrien.
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The agreement, announced yesterday (2 February), will involve Group Therrien’s Exploitation Quali-T division continuing to own the properties. Couche-Tard will lease the Central Quebec locations “at market value” for 40 years, and will buy the store equipment and inventories using cash on hand.
The purchase price has not been disclosed.
All sites sell motor fuel under either the Petro-T or Esso brands. The stores will be operated under the Couche-Tard brand, while the motor fuel brands will remain unchanged. It is expected that the average store earnings before interest and taxes would be aligned with Couche-Tard’s company-operated store performance.
“These 13 stores are located on highly visible and well-travelled roads and occupy strategic locations within their respective trade areas. Strategically, this acquisition is an excellent fit with our network and complement our expansion and growth plans for the Eastern Canada Division,” said Michel Bernard, Couche-Tard’s vice-president operations for Eastern Canada.
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