Couche-Tard in deals to acquire 36 U.S. stores
Laval, Quebec City -- Canadian convenience store giant Alimentation Couche-Tard Inc. announced t it has signed, through its wholly-owned subsidiary Circle K Stores Inc., an agreement with Albuquerque Convenience and Retail to acquire 23 stores in New Mexico. Albuquerque Convenience and Retail is subsidiary of Phillips 66 Company.
In addition Couche-Tard has signed an agreement, also through Circle K Stores, with Publix Super Markets Inc. to acquire 13 stores, 11 of which are located in the state of Florida and the other two in state of Georgia. Both transactions are expected to close in December 2013.
The sites in New Mexico are currently operated as Circle K branded franchises. Couche-Tard's Southwest division would operate all 23 of them under the Circle K brand and continue to offer Phillips 66 branded motor fuel. Seventeen sites are equipped with car washes. Pursuant to this transaction, Couche-Tard would buy the land and buildings for 22 locations and would assume or enter into leases for the remaining location.
"Subsequent to this transaction, our network in the Southwest division would include a total of 271 company operated-stores and 6 locations under wholesale or franchise agreements. These stores occupy strategic locations within their respective trade areas. Strategically, this acquisition would be a great addition to our expansion and growth plans for the Southwest division." commented Lou Valdes, VP, operations, Southwest Division.
The stores in Florida and Georgia are currently operated under the PIX brand. They would be converted to the Circle K brand.
"Subsequent to this transaction, our networks in the Florida division would include a total of 414 company operated-stores and the Southeast division would include a total of 279 company operated-stores. These stores occupy strategic locations within their respective trade areas. Strategically, these acquisitions would be a great addition to our expansion and growth plans for these divisions." commented Butch Seber, VP, real estate development.