Canadian convenience store group Alimentation Couche-Tard has acquired 28 stores in northwest Ohio from Sterling Stores.
The company conducted the deal, which is expected to close in May, through its subsidiary Mac’s Convenience Stores. The transaction remains subject to standard regulatory approvals and closing conditions, the company said.
While the purchase price was not disclosed, Couche-Tard said that it would be funded by internal cash resources and that the sale would add to its revenues and contribute to its earnings on an annualised basis.
The 28 stores, all of which are company operated and currently trade under the Sterling banner, generated sales of around US$170m in 2006. The stores are to be converted to the Circle K format and will be operated by the Circle K Great Lakes division, bringing the total number of stores in that operation to 302.
“The 28 stores are located on highly visible and well-travelled roads and occupy strategic locations within their respective trade areas,” said Paul Rodriguez, vice president operations for the Great Lakes Division. “In addition, these sites are well operated and have a strong management team in place. Strategically, this acquisition would be an excellent fit with our network and would complement our expansion and growth plans for the Great Lakes division.”
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