The transaction is subject to standard closing conditions. According to a confidentiality agreement between the parties, they did not [image-nocss] disclose the purchase price.
The 13 stores are operated by Exploitation Quali-T under the Petro-T brand. All sites sell motor fuel under either the Petro-T or Esso brands. Four sites have quick-service restaurants (two A&W and two Subway) and three have car washes. Pursuant to the agreement, 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.
"These 13 stores are located on highly visible and well-traveled roads and occupy strategic locations within their respective trade areas. Strategically, this acquisition is an excellent fit with our network and complement our expansion and growth plans for the Eastern Canada Division," said Michel Bernard, vice president of operations for Eastern Canada.
Laval, Quebec-based Couche-Tard is the second largest independent convenience store operator in North America (whether integrated with a petroleum company or not) in terms of number of stores. Couche-Tard currently operates a network of 5,416 convenience stores, 3,574 of which include motor fuel dispensing, located in 11 large geographic markets, including eight in the United States covering 33 states and three in Canada covering 10 provinces.
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