LAVAL, Quebec — Alimentation Couche-Tard Inc. has forged an agreement with Slidell Oil Co. under which Couche-Tard has acquired 17 convenience stores operating primarily under the Purple Cow banner as well as 23 wholesale fuels accounts across three southeastern states. The acquisition closed on Dec. 16.
The Slidell Oil assets are large, modern, high-volume facilities that will complement the existing Circle K portfolio in the region. On the fuel side, the wholesale accounts will further complement Circle K's wholesale fuels business.
“We are very pleased to add Slidell Oil's high-quality locations and fueling assets to our growing footprint along the Gulf Coast,” said Alex Miller, Couche-Tard's executive vice president of operations for North America and global commercial optimization. “As we expand our presence in the area, we look forward to bringing the Circle K experience to new customers and making their lives a little easier every day.”
“Although it was a tough decision to sell, we believe it was the right time for us to exit the industry,” Brian Baker, co-chief executive officer of Slidell Oil, based in Slidell, La., said.
Slidell Oil owned the chain operated by commissioned agents and provided wholesale motor fuels to a network of dealers. The assets are in Alabama, Mississippi and Louisiana, with a significant market presence in Montgomery, Ala., and Slidell, La. It marketed primarily Chevron- and Shell-branded motor fuels and supplied unbranded fuels to a few dealer locations.
The company is a third-generation, family-owned business founded in 1948 as a Shell jobber and acquired by Willis Baker in 1952. His son, W.A. Baker Jr., joined the company in 1973 and continued to grow the business and expand its marketing territory. By 1998, Brian and Keith Baker, the current owners and co-CEOs, joined the family business. Under their leadership, Slidell continued to grow organically by building new sites and acquiring customers throughout their marketing area. It also acquired Interstate Oil Co. in 2011, which gave them a significant presence in the Montgomery market. In 2016, the company sold its lubricants and commercial fuels divisions to focus on its retail and wholesale motor fuels businesses.
Matrix Capital Markets Group Inc., Richmond, Va., provided merger-and-acquisition advisory services to Slidell Oil, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Vance Saunders, managing director, managed the transaction with John Duni, vice president, and Kyle Tipping, associate.
“The Baker family built an extremely strong company comprised of high-quality assets,” said Saunders.
Circle K Stores, Tempe, Ariz., is a wholly owned subsidiary of Laval, Quebec-based Couche-Tard, which operates in 26 countries and territories, with approximately 14,200 stores, more than 7,100 in the United States covering 48 states under the Circle K and Holiday Stationstores banners. Couche-Tard is No. 2 on CSP’s2021 Top 202 ranking of U.S. c-store chains by store count.
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