Alimentation Couche-Tard is actively evaluating multiple acquisition targets across all of its major geographies, President and CEO Alex Miller told analysts during the company’s fiscal second-quarter earnings call on Tuesday, suggesting that more deals could be announced in the coming quarters.
The comments follow the company’s $1.6 billion purchase of GetGo Café + Market last quarter, a move that marked Couche-Tard’s largest U.S. acquisition since CST Brands in 2017.
“Very active,” Miller said when asked about the current M&A backdrop. “We are active with files in all three of our large geographies—in Canada and Europe and in the United States—both smaller and larger files out there today. We’re engaged, and we continue to see quite a bit of deal flow.”
Miller added that Couche-Tard expects to remain disciplined in its approach, keeping potential transactions within its financial framework and consistent with return levels the company has delivered historically.
- Alimentation Couche-Tard is No. 2 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count.
Active pipeline spans U.S., Canada and Europe
Couche-Tard operates more than 17,000 stores globally, including the Circle K and Holiday Stationstores banners, and has long used acquisitions to expand its footprint. Miller did not specify categories or markets of interest, but said both small tuck-ins and larger network deals are under review.
The disclosure comes as the company continues integrating GetGo Café + Market, whose food and loyalty programs Miller said are already contributing to U.S. momentum.
Continued appetite for growth
In addition to new builds and a growing self-distribution network, the company continues to scout opportunities that support long-term expansion. Couche-Tard has 73 stores under construction and more than 1,000 potential development sites in its real-estate pipeline.
Miller's comments suggest acquisitions will remain a core part of that growth strategy.
Alimentation Couche-Tard tried to acquire the largest convenience-store retailer in the United States back in August 2024 when it made a bid to buy 7-Eleven parent company Seven & i Holdings Co. Ltd. Couche-Tard in June reaffirmed its commitment to acquire Seven & i, but was ultimately unsuccessful. In July, the Circle K owner withdrew its proposal “due to a lack of constructive engagement” by Seven & i.
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