There were some big deals in 2024. No, not the big deal. Circle K owner Alimentation Couche-Tard is still trying to buy 7-Eleven owner Seven & i Holdings. And maybe it’ll happen in 2025, maybe it won’t.
- 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.
But regardless, we still saw some major shifts on the 2025 Top 202 list. Here are some that stood out to me.
Casey’s acquiring Fikes Wholesale’s 198 CEFCO Convenience Stores. This catches my attention because, for one, Casey’s isn’t generally an acquirer. It’s more of a new-to-industry grower, so it’s significant for that reason. It also shows it’s serious about Texas. The CEFCO transaction increases Casey’s store count to 148 in Texas. It moved into the state in 2023 with its acquisition of W. Douglass Distributing Ltd.’s 22 Lone Star Food Stores. I’ll be watching to see how Casey’s competes in Texas, where there are already many strong players. I’ll also be watching to see how Casey’s incorporates its foodservice program—including its infamous pizza—into CEFCO stores. It already closed JF Heritage Food Company, which made food items for CEFCO stores, signaling that they’re ready to implement their food program.
- For the full 2025 Top 202 list and more M&A news, visit our Top 202 page here.
Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) acquiring 249 stores from Delek U.S., marking its U.S. entrance. FEMSA has already begun rebranding the Delek c-stores to its OXXO brand. I’m curious to see what Mexican snacks the chain, based in Monterrey, Mexico, will bring to its new U.S. footprint. Two OXXO USA Category Manager of the Year finalists, MJ Simons and Gary Evans, told CSP that the chain is planning to introduce some Hispanic products into the mix. They also said some upgrades could come to their coffee and foodservice programs, so I’m looking forward to seeing what’s to come.
Alimentation Couche-Tard acquires GetGo. The $1.57 billion sale of convenience-store chain GetGo Cafe + Market to Laval, Quebec-based Circle K owner Alimentation Couche-Tard was finalized on June 29. This was not included on the Top 202 list, which has store counts as of Jan. 1, 2025. Couche-Tard had to divest 35 stores to Majors Management to gain Federal Trade Commission approval of the deal. What I’m watching now is to see what Couche-Tard learns from GetGo, and vice versa. Whereas I’m thinking Casey’s will implement its foodservice program at the CEFCO stores it acquired, I think it could be the opposite scenario here. Couche-Tard has already said it plans to maintain GetGo’s food-first approach. Could this also mean a foodservice revamp is in store for Circle K stores?
Safe to say, there’s a lot that happened in M&A in 2024, and a lot to watch for in 2025.
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