Mergers & Acquisitions

Couche-Tard Picks Up 7 C-Stores in Indiana

Pride C-Stores exits industry with sale of chain
Photograph courtesy of NRC Realty & Capital Advisors

COLUMBIA CITY, Ind. — Mac’s Convenience Stores LLC, a subsidiary of Alimentation Couche-Tard Inc., has acquired the chain of seven retail convenience stores owned and operated by Pride C-Stores Inc., Columbia City, Ind.

The stores are located within 25 miles of the Columbia City headquarters, in and around the Fort Wayne, Ind., metropolitan area. They are in Auburn, Churubusco, Columbia City, Fort Wayne, Kendallville, Merriam and Warsaw, Ind.

All of the locations sell CITGO-branded fuel. The average parcel size is approximately 1.2 acres, while the average building size is approximately 3,000 square feet. Two of the sites have car washes.

Pride C-Stores, which began as Parish Oil Co., acquired its first convenience store in 1977. In 1983, the company began a bulk fuels operation serving local residential, agricultural and industrial customers. In 1988, it sold the bulk fuels business to focus on the development of its c-store chain.

“We worked very hard to build a ‘best-of-class’ chain of convenience stores in northeastern Indiana, and we have been proud to serve our customers in these markets,” Richard “Rusty” Parish, president of Pride C-Stores, said. “We ultimately concluded for a number of reasons that it was the right time to sell.”

“Rusty is a great operator and is to be commended for the quality of his stores and his operational expertise,” said Dennis Ruben, executive managing director of NRC Realty & Capital Advisors, which handled the sale for Pride C-Stores.

Chicago-based NRC provides real estate and financial advisory services to the convenience store and petroleum industries and specializes as well as the accelerated sale of commercial real estate nationwide.

Laval, Quebec-based Couche-Tard—which is No. 2 on CSP’s 2020 Top 202 ranking of U.S. c-store chains by size—consists of anetwork of approximately 9,275 c-stores in North America, primarily under the Circle K brand. It also operates a retail network in Scandinavia, Ireland, Poland, the Baltics and Russia that includes more than 2,700 stores and unmanned automated fuel stations. And under licensing agreements, close to 2,350 stores operate under the Circle K banner in 15 other countries and territories (Cambodia, Egypt, Guam, Guatemala, Honduras, Hong Kong, Indonesia, Jamaica, Macau, Mexico, Mongolia, New Zealand, Saudi Arabia, the United Arab Emirates and Vietnam), which brings Couche-Tard’s worldwide total network to more than 14,300 stores.

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