LAVAL, Quebec -- Alimentation Couche-Tard Inc. has signed through its subsidiary, Circle K Stores Inc., an agreement to purchase six convenience stores in the Tallahassee, Fla., region from Capcirc Properties LLC.
The six stores currently operate under the Stop-N-Save banner and all locations would be converted to the Circle K banner. The company will buy the land and buildings for five locations, and will lease the other one.
As reported in CSP Daily News, Stop-N-Save entered the Tallahassee market in May 2003 when it [image-nocss] purchased several Swifty Serve locations. In October 2002, Swifty Serve had closed its 600 stores, 30 of which were in Tallahassee area, and filed for bankruptcy. A month later, the courts put the stores out for bid. At that time, Stop-N-Save--then owned by Jim Card and Wayne Rogers--operated 12 stores. Card had been president of Swifty Mart's facilities division; actor Rogers, Trapper John on TV's M*A*S*H, was a cofounder of Swifty Serve.
Capcirc Properties could not be reached by presstime. According to a confidentiality agreement between the parties, the purchase price cannot be disclosed at this time. Internal cash flow dollars will pay for the transaction.
Should the transaction close as expected at the beginning of April 2006, the company's assets would add sales of approximately $22 million to Couche-Tard's revenues and contribute to its earnings on an annualized basis.
Strategically, this acquisition would be an excellent fit with our current network in the Tallahassee region and would nicely complement our expansion and growth plans in both the Florida and Gulf Division and Tallahassee in particular. These additional locations would bring our store count to 23 in the Tallahassee region. Circle K assets in Tallahassee will be remodeled in the near future to reflect the Circle K image that is currently being rolled out in the Florida and Gulf Division, said Mick Parker, Couche-Tard's vice president of operations for Florida and Gulf.
Laval, Quebec-based Couche-Tard currently operates a network of 4,909 c-stores, 3,028 of which include motor fuel dispensing, located in eight large geographic markets, including three in Canada and five that cover 23 U.S. states.
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