The c-store industry’s penchant for M&A deals is prolific. Among the many other noteworthy acquisitions:
• Couche-Tard closed on its acquisition of 522 company-operated and franchised Holiday Stationstores from Minneapolis-based Holiday Cos. in 2018, keeping the brand rather than converting it to its global Circle K brand.
• Yesway acquired the 304-store, Clovis, N.M.-based Allsup’s chain in 2019, the largest deal in its short history, catapulting the four-year-old c-store operator from just over 100 stores to 421 stores in one transaction.
• GPM Investments acquired the Texarkana, Texas-based E-Z Mart’s 273 stores in 2017. It acquired 263 Scotchman and other stores from VPS Convenience Group in 2013, and 161 Village Pantry and other stores from VPS Midwest in 2015. Since its founding in 2003, Richmond, Va.-based GPM has grown aggressively through acquisition, creating a portfolio of 20 retail brands.
• A joint venture of BP, London, and ArcLight Capital Partners, Boston, acquired the 191-store Thorntons chain, based in Louisville, Ky., in 2018.
And one deal that didn’t happen: In 2010 and 2011, in one of the biggest c-store industry stories ever, Couche-Tard attempted but failed to acquire Casey’s General Stores, Ankeny, Iowa, then with approximately 1,500 c-stores.
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