In the world of c-store mergers and acquisitions in 2024, the biggest surprise was the deal that didn’t happen: The proposed acquisition of Seven & i Holdings Co. Ltd. by Alimentation Couche-Tard Inc.
But here’s a look back at the major c-store M&A deals that did proceed during the year:
Alimentation Couche-Tard Inc.
Alimentation Couche-Tard Inc. reached a definitive agreement to acquire GetGo Café + Markets from Cranberry Township-based Giant Eagle Inc. GetGo, the c-store subsidiary of the supermarket retailer, operates 270 convenience stores across Pennsylvania, Ohio, West Virginia, Maryland and Indiana. The acquisition is expected to close in 2025.
In November, the company, through its subsidiary, Circle K Stores Inc. entered into a new franchise development agreement with The Briad Group, a hospitality company with a history of franchise development across the dining and lodging sectors. As part of that agreement, The Briad Group will open 40 franchised Circle K stores in upstate New York. Circle K currently operates and franchises approximately 30 locations throughout New York State.
Couche-Tard also announced that it has agreed to acquire the retail assets of Hutchinson Oil Co., which owns and operates 20 Hutch’s convenience stores across Oklahoma and Kansas.
7-Eleven Inc.
7-Eleven Inc. entered into an agreement to acquire 204 stores from Sunoco LP, which includes Stripes convenience stores and Laredo Taco Co. restaurants, for approximately $1 billion. The stores are located across West Texas, New Mexico and Oklahoma. Sunoco LP acquired Susser Holdings and its Stripes convenience stores in 2015, and in 2018, 7-Eleven completed the acquisition of more than 1,000 Sunoco convenience stores.
As part of the latest sale, Sunoco will also amend its existing pay-or-take fuel supply agreement with 7-Eleven to incorporate additional fuel gross profit. In October, 7-Eleven announced that it is planning to open over 500 large-format, food-focused convenience stores in North America by the end of 2027. These new locations will showcase a new prototype that the company internally calls its “New Standard” stores, which consist of more contemporary facilities that offer a larger product assortment and expanded food and beverage offerings compared to the rest of its stores.
Casey's General Stores, Inc.
In July, Casey’s General Stores, Inc. entered into a definitive agreement to acquire Fikes Wholesale Inc., owner of CEFCO Convenience Stores, in an all-cash transaction for $1.145 billion. The purchase price included tax benefits valued at approximately $165 million for a net after-tax purchase price of $980 million. Casey’s acquisition of Fikes includes 198 retail stores and a dealer network. The acquisition will bring 148 additional stores to Texas, which is a highly strategic market for Casey’s, as well as 50 stores in Alabama, Florida and Mississippi.
In addition to the retail stores and the dealer network, the transaction includes a fuel terminal and a commissary to support the Texas stores. The transaction represents Casey’s second acquisition of Texas convenience stores, the first being the 22-store acquisition of Lone Star Food Stores from W. Douglass Distributing Ltd. in 2023. The company indicated that the net investment of $980 million represents an approximate multiple of 11 times CEFCO’s pro forma adjusted 2023 EBITDA. The CEFCO transaction closed in November.
FEMSA
In August, FEMSA, through one of its subsidiaries, entered into a definitive agreement to acquire all the equity interests in the subsidiaries of Delek US Holdings Inc. that operate Delek US Retail, for cash consideration of $385 million. FEMSA is one of the largest conglomerates in Mexico with operations in more than 17 countries. Through FEMSA’s Proximity & Health Division, it operates OXXO, which is the largest small-format proximity store operator in the Americas with more than 22,800 stores in five countries, including Mexico, Columbia, Chile, Peru and Brazil. Delek US Retail comprises 249 corporate stores operating under the DK brand primarily in the southwestern United States, including convenience stores in Texas and New Mexico. This transaction represents FEMSA’s first entry into the United States convenience store industry.
H&S Energy
In March, H&S Energy announced that it had acquired the fuel and convenience retail businesses from Andretti Petroleum Group, which consisted of convenience retail, fuels distribution, cardlock, fleet card, commercial fueling, car wash, lubricants and transportation businesses on the West Coast and in the Pacific Northwest. The transaction added approximately 170 retail sites and gas stations in Oregon, Washington state and California, essentially doubling H&S Energy’s retail footprint on the West Coast. Prior to the transaction, H&S had more than 160 convenience stores operating under the ExtraMile and Power Market banners, and sells fuel under Chevron, Texaco, Shell and 76 brands.
Nouria Energy Corp.
In October, New England retailer Nouria Energy Corp. entered into a definitive agreement to acquire convenience retailer Enmarket from its parent company, Colonial Group, based in Savannah, Georgia. The transaction, which represents Nouria’s first expansion into the South, includes Enmarket’s entire network of 132 convenience stores and 26 car washes across Georgia, South Carolina and North Carolina. Nouria, which currently operates about 170 convenience stores and 61 car washes across New England, will nearly double its footprint and reach three new states when the deal closes.
BreakTime Corner Market
BreakTime Corner Market has agreed to acquire 39 Minit Mart convenience stores across central and northern Illinois from EG America. The deal marks a major expansion of BreakTime into Illinois, whose only location is in Tilton, about 145 miles south of Chicago. BreakTime now owns and operates more than 300 gas and convenience stores and travel plazas under the BrakeTime and Corner Market brands across several states.
CrossAmerica Partners
CrossAmerica Partners and its subsidiary, Lehigh Gas Wholesale Services, Inc., have agreed to acquire 59 convenience stores from Applegreen Midwest LLC and Applegreen Florida for $16.9 million. The transaction will occur by virtue of the termination of lease agreements between the two companies.
Fischer’s Neighborhood Market
Fischer’s Neighborhood Market, which operates more than 30 convenience stores in south-central Texas, has agreed to acquire regional competitor Mini Mart. The transaction consists of 17 convenience stores in the Hill Country region of Texas.
The Kent Cos.
The Kent Cos. acquired DC Oil Co. of Birmingham, Alabama. The transaction, which includes 13 convenience stores branded either Chevron or Texaco, a fuel transportation fleet and a portfolio of dealer accounts, bolsters Kent’s position in the Southeast and marks its entry into its eighth state. With this transaction, The Kent Co.’s total store count stands at 104 locations. The company also supplies fuel to more than 150 additional dealer sites across six states.
Legacy Markets LLC.
Legacy Markets LLC, a new convenience store venture based in Hendersonville, North Carolina, acquired a 10-store chain from Triangle Stop Food Stores. The Triangle stores are located in smaller cities throughout North Carolina. The company stated that it plans on making several acquisitions in the near term and expects to have about 80 convenience stores across the Southeast in its network by the end of 2024.
SpartanNash
Grocer and food supplier SpartanNash of Grand Rapids, Michigan, recently acquired a high-performing three-unit chain consisting of a convenience store, a travel plaza and a truck stop located in central Michigan from Markham Enterprises Inc. SpartanNash currently operates 147 grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to pharmacies and fuel centers It also owns 36 convenience stores under a variety of retail brands. NRC Realty & Capital Advisors LLC served as financial advisor to Markham Enterprises, Inc. and its affiliates in the transaction.
Stewart’s Shops Corp.
Stewart’s Shops Corp. acquired the retail convenience store, wholesale dealer and residential heating oil businesses of Jolley Associates LLC and S.B. Collins Inc. Jolly Associates operates 45 convenience stores in Vermont, New Hampshire and New York, and S.B. Collins delivers gasoline and diesel to dealers in those three states. There are 357 Stewart’s Shops in upstate New York and southern Vermont.
Sunoco LP
Sunoco LP completed the purchase of 38 dealer-owned and operated locations, and one company-operated travel plaza from PetroTex Fuels Inc. of Beaumont, Texas.
Divestitures
In February, Parkland Corp. announced that it was selling 157 convenience stores with fueling stations in Canada as part of its portfolio optimization process. Most of the stores in the sale are located in Quebec and Ontario, although there are some in Alberta, British Columbia, Manitoba and Saskatchewan. Some of the sites operate under the On the Run banner and offer fuel brands such as Chevron, Ultramar, Pioneer and FasGas. NRC Realty & Capital Advisors LLC, together with Colliers Canada, were engaged by Parkland to coordinate the sale.
In September, Parkland also announced its intention to divest its Florida business, which consists of 100 convenience store retail locations, nine cardlock sites and four bulk storage plants and warehouses. The company stated that it intended to find a buyer and complete the sale within 12 to 18 months.
In March, Shell announced that it intended to divest 500 company-owned retail sites in 2024 and another 500 sites in 2025 as part of its global strategy. The divestitures will be part of Shell’s new multi-billion-dollar program to upgrade its retail network with low-carbon energy solutions, including a heavy focus on electric vehicle charging stations. During an investor meeting, Shell officials announced that it will not only keep its convenience stores in the U.S., but plans to grow its presence in America as well.
In September, 7-Eleven Inc. announced that it was divesting 76 convenience stores in the United States and Canada, 33 of which sell gas. The stores are scattered throughout the United States and Canada, with stores in 21 stores and three Canadian provinces. 7-Eleven retained NRC Realty & Capital Advisors LLC to coordinate and manage the sale.
Dennis L. Ruben is executive managing director of NRC Realty and Capital Advisors LLC. Reach him at dennis.ruben@nrc.com.