An Alimentation Couche-Tard subsidiary has signed an agreement to acquire 13 stores in Quebec from Exploitation Quali-T Inc., part of Group Therrien.
The 13 stores are operated by Exploitation Quali-T under the Pétro-T brand. All the sites sell motor fuel under either the Pétro-T or Esso brands, while four sites have quick service restaurants (two A&W, two Subway) and three have car-wash services.
Pétro-T will retain ownership of the properties, which Couche-Tard will lease at market value for the next 40 years, as well as buy store equipment and inventories by using internal available cash dollars. The purchase price has not been disclosed.
The stores will be operated under the Couche-Tard brand and the motor fuel brands will remain unchanged. It is expected that the average store earnings before interest and taxes would be aligned with Couche-Tard’s company operated store performance.
In store count, Couche-Tard is the second-largest independent convenience store operator in North America. The company currently operates 5,416 convenience stores – 3,574 of which include motor fuel dispensing – in 11 large geographic markets, including eight in 33 states in the U.S.