In 2001, Couche-Tard entered the United States with the purchase for $65.8 million of Johnson Oil Co.'s 225-unit Bigfoot convenience store chain based in Columbus Ind., and operating in Indiana, Illinois and Kentucky. In 2006, the company bought 32 former Shell [image-nocss] stations in the Indianapolis market.
The Crystal Flash stores offer motor fuel and would be operated by the Couche-Tard's Midwest Division (Illinois, Indiana, Iowa, Kentucky and Missouri) under the Circle K brand.
As reported Friday in a Morgan Keegan/CSP Daily News Flash, Couche-Tard signed the agreement through its wholly-owned indirect subsidiary Mac's Convenience Stores LLC. The company expects the transaction to close this month. The transaction is subject to standard regulatory approvals and closing conditions. According to a confidentiality agreement between the parties the purchase price cannot be disclosed at this time. Internal available cash dollars will pay for the transaction.
Pursuant to this transaction, the company would buy the land and buildings for one location and would assume or enter into leases for the remaining locations.
"Subsequent to this transaction, our network in the Circle K Midwest Division would include a total of 471 company operated-stores," said Darrell Davis, vice president of operations for the division.
"These stores are located on highly visible and well-traveled roads and occupy strategic locations within their respective trade areas. Strategically, this acquisition would be a complement to our expansion and growth plans for the Midwest Division," he added. "These stores would be an excellent fit within our existing Indianapolis market area."
Crystal Flash Petroleum is a family business incorporated by John E. Fehsenfeld in 1930. It is a diversified petroleum marketer and an operator of 25 retail outlets. Its c-stores are located in Indianapolis and several outlying areas of Indiana. The company also operates several branded foodservice locations including Subway, Charlie & Barney's and Noble Roman's. It also offers the Crystal Flash Rewards Program.
Laval, Quebec-based Alimentation Couche-Tard is a leader in the Canadian and U.S. convenience store industry. In North America, Couche-Tard's network is comprised of 5,869 convenience stores, 4,141 of which include motor fuel dispensing, located in 11 large geographic markets, including eight in the United States (primarily under the Circle K flag) covering 42 states and the District of Columbia, and three in Canada (primarily under the Couche-Tard and Mac's brands) covering all 10 provinces. It employs more than 53,000 people are employed throughout Couche-Tard's retail convenience network and service centers.
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