Laval, Canada - Alimentation Couche-Tard Inc. will acquire 55 Super Pantry convenience stores and related assets from Tri Star Marketing Inc. Fifty-one of the stores are located in the state of Illinois ,and four stores located in the state of Indiana. These stores offer Phillips 66 and Mobil branded motor fuel.
As a result of the transaction, Couche-Tard plans on keeping the existing fuel brands and would buy the land and buildings for 54 locations and would assume or enter into a lease for the single remaining location. Couche-Tard will also acquire three Bulk Plant facilities located in the state of Illinois and state of Indiana.
Following the acquisition, all of the stores will be operated under the Circle K brand by Couche-Tard's Midwest Division. Terms were not disclosed.
The transaction is anticipated to close before the end of Couche-Tard's second quarter, which is scheduled for Oc.12, and is subject to the standard regulatory approvals and closing conditions. Available cash dollars will pay for the transaction.
According to Jon Stewart, president and CEO of Tri Star Marketing, Inc. a third-generation family business based in Champaign, Illinois, whose family has led the Super Pantry business for the last 67 years, commented: "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. It is a true win for both consumers and shareholders of both organizations.”
"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." commented Bruce Landini, VP operations, Midwest Division.