Canadian convenience store group Alimentation Couche-Tard has acquired 53 stores in Oklahoma City, from Star Fuel Marts.
Couche-Tard is conducting the acquisition through its subsidiary Circle K Stores.
The Canadian company said the deal, which is subject to regulatory approval and is expected to close in April, would add to its revenues and contribute to its earnings on an annualised basis. The deal is to be financed out of the company’s cash reserves, Couche-Tard said, but the purchase price was not disclosed.
The 53 stores generated sales of around US$215m in 2006. The stores operate under the All Star trading name, and all are company-owned rather than franchised. As a result of this purchase, Couche-Tard will have some 672 company-owned stores in Arizona.
“The All Star sites are located on highly visible and well travelled roads and occupy strategic locations within their respective trade areas. In addition, these sites are well operated and have a strong management team in place,” said Geoffrey Haxel, vice-president operations for the company’s Arizona division. “Strategically, this acquisition would be an excellent fit with our network and would complement our expansion and growth plans for the Arizona division.”
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