Mexican retailer Circulo K has acquired fellow c-store chain Extra from local brewing giant Grupo Modelo, part of Anheuser-Busch InBev, the world’s largest beer maker.
The first Circulo K store in Mexico was opened in 2006. With the acquisition of Extra stores, the Circulo K will business will grow to more than 1,000 branches throughout the country.
Circulo K said the deals makes it “one of the main players in the convenience store market in the country”.
CEO Carlos Kalach added: “After working intensely for many years in consolidating a successful and productive company in the sector, we are greatly excited about the challenge of doing it at a national level.”
The transaction sees Grupo Modelo focus squarely on its core business of producing, distributing, and selling beer.
Ricardo Tadeu, CEO of Grupo Modelo, said: “The negotiation was a success, as both parties reached their objectives. We will continue to develop strong bonds with Circulo K and they will continue to be one of our most important clients.”
Clarification: This article has been updated at 09:26 on 13 February. The original article indicated Couche-Tard had acquired the Extra chain. This information was erroneous. just-food apologises for the error.