Couche-Tard has signed, through its subsidiary Mac’s Convenience Stores, an agreement to acquire 83 stores in St Louis Missouri and central Illinois from Spirit Energy (Convenient Food Mart) for an undisclosed sum.
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The transaction, which is anticipated to close in July, is estimated to add approximately US$430m to the Canadian convenience store chain’s revenues on a yearly basis.
Of the 83 convenience stores, 69 currently operate under the Convenient Food Mart banner and are all company operated. The stores would be operated by the Circle K Midwest Division under the Circle K banner.
The remaining 14 locations currently operate as dealers.
On completion of the transaction, the company would buy the land and buildings for 15 locations and would assume or enter into leases for the remaining locations.
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By GlobalDataThe company plans to keep the stations Shell branded.
“Strategically, this acquisition is a complement to our expansion and growth plans for the Midwest Division,” said Darrell Davis, vice president operations for Circle K Midwest Division. “In addition to being an excellent fit within our current network it is also an entry into a new market area and would allow us to more easily target growth in the St. Louis market.”
Subsequent to the transaction, Circle K Midwest Division network will comprise of 424 company operated stores.
