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LAVAL, Quebec - Alimentation Couche-Tard Inc. will acquire 55 Super Pantry convenience stores and related assets from Tri Star Marketing Inc. via its Mac's Convenience Stores LLC subsidiary. Fifty-one of the stores are located in Illinois and four are located in Indiana.
The 55 c-stores -- which comprise all of Super Pantry's locations -- offer Phillips 66- and Mobil-branded fuel. Following the transaction, expected to close on or before Oct. 12, all of the acquired stores will operate under the Circle K brand through Couche-Tard's Midwest Division.
"Subsequent to this transaction, Couche-Tard's network in the Circle K Midwest Division would include a total of 600 company operated-stores and 193 locations under wholesale or franchise agreement. These stores occupy strategic locations within their respective trade areas. This acquisition would be a great addition to Couche-Tard's expansion and growth plans for the Midwest Division," said Bruce Landini, vice president of operations for Couche-Tard's Midwest Division.
Under terms of the agreement, both parties signed a confidentiality agreement prohibiting them from revealing the acquisition price at this time. Couche-Tard did note that the purchase will be paid for via available cash.
"I am personally excited about this transaction. The addition of Super Pantry to Couche-Tard's network of convenience stores will complement its leadership position under the Circle K brand," said Jon Stewart, president and CEO of Tri Star Marketing. "It is a true win for both consumers and shareholders of both organizations."
During Couche-Tard's 2014 fiscal first-quarter earnings call on July 7, CEO Alain Bouchard noted that the company was "actively looking to acquire more stores" following its unsuccessful bid to purchase Hess Corp.'s 1,256-store retail division. Marathon Petroleum Corp.'s Speedway LLC won the rights to purchase the Hess assets.
Laval-based Alimentation Couche-Tard Inc. operated 6,241 convenience stores as of April 27, including 4,756 locations with road transportation fuel dispensing.