LAVAL, Quebec --Alimentation Couche-Tard Inc. has filed an application with the Federal Trade Commission (FTC) to sell three Jet-Pep convenience stores with gasoline in Alabama to two buyers. The sale, as required under the FTC’s Jan. 9, 2018, order, will settle charges that Couche-Tard’s acquisition of Jet-Pep Inc. would violate federal antitrust law.
Couche-Tard's CrossAmerica Partners LP closed on the purchase of certain assets of Jet-Pep in November 2017 for $72 million.
The FTC is accepting public comments on Couche-Tard’s application.
Under the terms of the consent agreement, Couche-Tard was required to identify a buyer or buyers that are acceptable to the FTC within 120 days after the transaction closes. The application petitions the FTC to approve the divestiture of the Jet-Pep station in Valley, Ala., to PPBB LLC, and the Jet-Pep stations in Brewton and Monroeville, Ala., to Marketplace Development LLC.
Based in Valley, PPBB has operated the Jet-Pep station as Jet Pep’s commission agent since 2009. Owner Chiranji Sharma has more than 20 years of experience operating gas stations.
Marketplace owns three Kangaroo Express locations in the Memphis, Tenn., area, with franchisee agreements with Couche-Tard. The Memphis-based company is in the process of acquiring four additional c-stores from a third party unaffiliated with Couche-Tard.
Holly Pond, Ala.-based Jet-Pep consists of 101 commission-operated retail sites, including 92 fee sites, five lease sites and four independent commission accounts.
Laval, Quebec-based Couche-Tard's network includes 9,465 c-stores in North America, including 8,135 stores offering fuel. Most operate under the Circle K brand, as well as the Kangaroo Express and Holiday brands. Through Allentown, Pa.-based CrossAmerica, Couche-Tard supplies fuel under various brands to more than 1,200 locations in the United States.
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