Couche-Tard to expand U.S. footprint with 112-store acquisition

Alimentation Couche-Tard Inc. is beefing up its presence in the Southeast region of the United States.

The Canada-based convenience store giant and parent of Circle K has reached an agreement to acquire 112 fuel and convenience stores to be carved out from Mapco Express Inc. (It is Couche-Tard’s second announced acquisition in less than two months. In March, the company agreed to acquire Big Red Stores, which operates 45 fuel and convenience stores across Arkansas.)  

The acquisition is contingent on a separate transaction whereby Mapco and its remaining locations are sold to a third party. (Majors Management is the third party that plans to acquire the Mapco My Reward$ loyalty program, the Mapco brand and convenience stores predominantly in Tennessee, Alabama and Georgia.)

Couche-Tard said the transaction includes a network of well-located sites in desirable markets predominantly in Tennessee and Alabama, but also in Kentucky and Georgia. All 112 sites are company-operated, and most of the real estate is owned. The deal also includes surplus property and a logistics fleet.

"We are delighted to add Mapco’'s high-quality sites to our footprint in the Southeastern U.S.," said Alex Miller, COO, Couche-Tard's. "As we continue to grow our presence in the region, we look forward to bringing the Circle K experience to new customers." 

The transaction is expected to close in the second half of calendar year 2023, subject to standard regulatory approvals and closing conditions, and will be financed using Couche-Tard’s available cash and/or existing credit facilities. Financial terms of the deal were not immediately available.

Couche-Tar is one of the largest independent convenience store operators in North America. It operates 7,100 stores in U.S., primarily under the Circle K and Holiday Station stores banners. It has approximately 2,100 stores in Canada under the Circle K, Mac’s and Couche-Tard banners.

The company total worldwide network includes more than 14,300 stores operating in 24 countries and territories.