Couche-Tard has signed a deal to acquire 33 On the Run stores in southern Louisiana from ExxonMobil for an undisclosed sum.
The Canadian convenience store giant signed the agreement through Circle K Stores, its wholly-owned indirect subsidiary, and anticipates that the transaction will close in December.
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Couche-Tard expects that these sites will bring a total additional volume of 85 million gallons in motor fuel sales. These locations would be operated by the company’s Gulf Division under the Circle K brand. The stations will retain the Exxon brand, allowing customers to continue to use their ExxonMobil credit cards and Speedpass devices.
Jason Broussard, vice-president operations for Couche-Tard’s Gulf Division, said: “Subsequent to this transaction, our network in the Circle K Gulf Division would include a total of 318 company operated-stores. These stores are located on highly visible and well-travelled roads and occupy strategic locations within their respective trade areas. Strategically, this acquisition would be a complement to our expansion and growth plans for the Gulf Division.”
Couche-Tard’s runs 5,795 convenience stores, 4,128 of which include motor fuel dispensing. Last month, it reported an increase in full-year net income despite its earnings falling in its fourth quarter.
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By GlobalData
