4 of the biggest M&A moves in convenience in 2025

There were many mergers and acquisitions in the convenience-store industry in 2025, big and small. Several affected the top 40 c-store chains in the United States, ranked in CSP’s annual Top 202 list. 

Here are four of the top M&A deals of 2025, from Alimentation Couche-Tard closing on GetGo to RaceTrac acquiring Potbelly. And one bonus—the deal that never happened. 

Laval, Quebec-based Circle K owner Alimentation Couche-Tard closed on its acquisition of GetGo Cafe + Market in June. The $1.57 billion deal included about 270 GetGo and WetGo locations. 

To resolve antitrust concerns, the FTC ordered Couche-Tard to divest 35 gas stations, which Lawrenceville, Georgia-based Majors Management, LLC acquired. 

Former GetGo owner Giant Eagle, Cranberry Township, Pennsylvania, said it would reinvest the money it gained from the sale into stores, labor and customers.  

• Alimentation Couche-Tard is No. 2 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count. 7-Eleven is No. 1, RaceTrac is No. 17, Nouria is No. 29 and Sunoco LP is No. 96.

In one of the more surprising deals of 2025, Atlanta-based c-store chain RaceTrac acquired sandwich chain Potbelly. The $566 million deal, which included more than 445 company- and franchisee-owned sandwich shops across the United States, closed in October. 

Potbelly, founded more than 40 years ago in Chicago, will continue to operate as usual, RaceTrac said, offering customers toasted sandwiches, salads and hand-dipped shakes.

Atlanta-based RaceTrac has more than 800 RaceTrac and RaceWay convenience stores and about 1,200 Gulf-branded locations. 

East Coast convenience-store retailer Nouria Energy completed its acquisition of Enmarket c-stores from the Colonial Group Inc. in February. The deal included 133 Enmarket locations and 25 car washes. 

The company said at the time that the stores would continue operating under the Enmarket brand. 

Nouria, founded in 1989, is a family-owned and -operated business based in Worcester, Massachusetts. It operates 186 convenience stores, 64 carwash locations and an unbranded wholesale fuel distribution network with branded dealers throughout the Northeast.

Enmarket, founded in 1963, is based in Savannah, Georgia.

On Oct. 31, Sunoco LP completed its acquisition of Calgary, Alberta-based Parkland Corp.

The $9.1 billion deal, first announced in May, included Parkland’s 650 retail outlets and 1,830 dealer sites. Parkland was the second-largest c-store operator in Canada and operates more than 200 stores in the United States under Parkland USA. 

The acquisition boosted Dallas-based Sunoco’s total number of U.S. convenience stores to about 275.

Alimentation Couche-Tard Inc. announced in June that it had withdrawn its proposal to acquire Seven & i Holdings Co. Ltd., parent of the 7-Eleven convenience-store chain, “due to a lack of constructive engagement” by Seven & i.

Tokyo-based Seven & i said at the time that Couche-Tard had “unilaterally decided to end discussions and withdraw its proposal to acquire the company,” adding that it was disappointed by Couche-Tard’s decision, and disagreed with their “numerous mischaracterizations,” but was not surprised. 

The deal would’ve combined the two largest U.S. c-store chains by store count. 

Laval, Quebec-based Alimentation Couche-Tard is a global leader in convenience and fuel retail, operating in 29 countries and territories, with more than 16,700 stores. With its Circle K banner, it is one of the largest independent convenience-store operators in the United States.

Seven & i owns and operates more than 85,000 7-Eleven c-stores globally, including those in the United States, Canada and other countries. Irving, Texas-based 7-Eleven Inc. operates, franchises or licenses more than 83,000 convenience stores in 19 countries and regions, including more than 13,000 7-Eleven convenience stores in the United States and Canada.

Couche-Tard first made its bid for 7-Eleven in August 2024.