Canadian grocer Alimentation Couche-Tard has announced that it has purchased 92 Dairy Mart stores in the Midwestern US for US$3.2m.
Counche-Tard acquired Dairy Mart in August 2002, in a deal which covered 287 stores. The transaction was matched with a one-year management contract for Dairy Mart’s other 169 stores. Couche-Tard has since closed or sold 50 of these stores and acquired another 27 with renegotiated leases.
Couche-Tard said that of the 92 newly acquired stores, 23 will be transferred to the Mac’s banner at a later date, 48 others will operate under a franchise formula, and the remaining 21 will be sold or closed in the coming weeks.
The deal is expected to add US$22m in merchandise sales to Couche-Tard’s revenues and petrol sales volumes of around 20 million gallons, on an annual basis.