Alimentation Couche-Tard Inc., Convenience Store Decisions 2007 Convenience Store Chain of the Year, reached a deal through its Mac’s Convenience Stores subsidiary to acquire 15 units in central Illinois from Speedway SuperAmerica. The deal is expected close by the end of April.
Couche-Tard, which has been rumored to be nearing a much larger deal that could net as many as 200 stores, said internal available cash dollars will pay for the transaction.
The 15 convenience stores currently operate under the Speedway banner and are all company operated. The stores are being converted to the Marathon fuel brand and will be operated by Circle K’s Midwest Division under Couche-Tard’s Circle K banner. As part of the deal, Couche-Tard is acquiring the land and buildings for 14 locations and would assume the third-party lease for the other location. The deal increases to 354 the number of stores in Circle K’s Midwest division, all of which are company operated.
"These sites are well operated and have a strong management team in place," said Darrell Davis, vice president of operations for Circle K Midwest. "Strategically, this acquisition is an excellent fit with our network and complements our expansion and growth plans."
Couche-Tard currently operates a network of 5,690 convenience stores in the U.S. and Canada.