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LAVAL, Quebec -- Alimentation Couche-Tard Inc. signed an agreement, through a subsidiary, to acquire 13 stores in Quebec from Exploitation Quali-T, a company of Group Therrien.
"These 13 stores are located on highly visible and well-traveled roads and occupy strategic locations within their respective trade areas," Michel Bernard, vice president of operations for eastern Canada, said in a statement. "Strategically, this acquisition is an excellent fit with our network and complement our expansion and growth plans for the Eastern Canada Division."
As part of the transaction, which is subject to standard closing conditions, Pétro-T will retain ownership of the properties and Couche-Tard would lease them at market value for the next 40 years, Couche-Tard stated. In addition, Couche-Tard would buy the store equipment and inventories by using internal available cash dollars.
The 13 stores are operated under the Pé brand, and sell motor fuel under the Pétro-T or Esso brands, according to the company. Four sites have quick-service restaurants -- two each of A&W and Subway brands -- and three have car washes. As part of the agreement, the stores will be rebranded to the Couche-Tard brand, while the motor fuel brands will remain unchanged.
Couche-Tard expects the average store earnings before interest and taxes would be aligned with Couche-Tard's company-operated store performance. Due to a confidentiality agreement, the purchase price cannot be disclosed at this time, the company stated.