Canadian convenience store operator Alimentation Couche-Tard has signed agreements to buy ten stores in the Midwest United States.
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If the transactions, made through an indirect wholly-owned subsidiary, close as planned at the end of April 2005, they would add sales of approximately US $20.5 million to Couche-Tard’s revenues, the company said.
The first purchase agreement is for five convenience stores currently operated by Thornton Oil under the Thornton banner with Thornton motor fuel, four of which are located in central Ohio and one in southern Indiana.
The second purchase agreement is for 4 stores located in central Illinois currently owned and operated by Broadus Oil under the Pit Stop banner with CITGO motor fuel. Finally, one independent store in western Illinois selling fuel under the BP banner will be acquired.
“Strategically, these acquisitions would be excellent complements to our current network in the Midwest and would efficiently compliment the network expansion plans of the Midwest division,” said Michel Bernard, vice-president, operations, Midwest division. “Subsequent to these transactions, our network in the Midwest division would include a total of 493 stores.”
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