While merger and acquisition activity in the convenience-store industry was generally slow in 2025, there were several deals worth noting.
From significant M&A transactions, like Sunoco buying Parkland Corp. for $9.1 billion, to smaller deals, like Blarney Castle Oil co. acquiring Pri Mar Petroleum’s 13 c-stores, here’s a look back at the past year.
Significant M&A transactions
Sunoco LP
In May, Sunoco LP announced that it planned to buy Parkland Corp. for $9.1 billion in a combination of cash and equity. Parkland was the second largest convenience-store operator in Canada, with 650 retail outlets and 1,830 dealer sites. The company also operated about 122 retail locations in the United States and another 128 across Canada and the Caribbean, and had numerous terminals and a refinery in Burnaby, British Columbia. As a result, Sunoco now has about 320 company-operated c-stores across North America, including about 200 in the United States. The transaction closed on Oct. 31, making Sunoco the largest independent fuel distributor in the Americas.
RaceTrac Inc.
RaceTrac Inc. made major headlines last year by announcing that it had acquired Potbelly Corp. for $566 million. The transaction included 445 company and franchisee-owned Potbelly sandwich shops across the United States. In announcing the acquisition, RaceTrac stated that the acquisition represented a natural evolution of the company’s growth strategy, adding fast-casual expertise to its portfolio while maintaining the unique identity that makes Potbelly special. It remains to be seen whether RaceTrac intends to incorporate Potbelly offerings into its convenience stores or merely to grow the brand as standalone restaurants.
Anabi Oil Corp.
In October, Anabi Oil Corp., which owns Rebel convenience stores, signed a definitive agreement to acquire Green Valley Grocery, consisting of 87 Green Valley Grocery convenience stores across southern Nevada. The Green Valley Grocery chain was founded in 1978 by Richard Crawford and he was able to grow it significantly over the next five decades. Anabi Oil indicated that it intended to retain the Green Valley Grocery name as well as the Rebel name at the stores’ respective locations, and that the combined network would drive innovation, expand loyalty programs and create efficiencies that would position the business to honor Green Valley Grocery’s legacy while investing in the future.
In December, Anabi Oil announced that it had purchased 12 convenience stores in California’s Tri[1]Valley and Lake Tahoe communities from C&J Cox Corp. The stores operate under the Cox Family Stores brand.
Alimentation Couche-Tard
Early in the year, Alimentation Couche-Tard’s Circle K Stores closed on the purchase of 20 convenience stores and travel centers in Oklahoma and Kansas from Hutchinson Oil Co. Inc.
In April, Circle K acquired two stores in North Dakota from Dusterhoft Family Stores.
In June, Couche-Tard closed on the acquisition of its $1.57 billion acquisition of GetGo Café + Market, consisting of about 270 GetGo and WetGo locations, from Giant Eagle Inc. In connection with that acquisition, Couche-Tard was required to divest 35 gas stations to resolve FTC antitrust concerns. Those locations were sold to Majors Management LLC.
Casey’s General Stores Inc.
Casey’s General Stores Inc. completed a number of smaller acquisitions in 2025 compared to the very large CEFCO transaction it completed in 2024. Casey’s purchased seven convenience stores, one travel center and four liquor stores in central Kentucky from Wow! Foodmart LLC.
Later in the year, Casey’s acquired four Kum & Go stores in South Dakota from Maverik as well as two stores in Iowa.
Finally, Casey’s purchased several convenience stores and travel centers in Minnesota and South Dakota from Minnesota-based United Fuels Midwest as part of a complete divestiture by United Fuels.
Other notable M&A transactions
Balkar Management Group
Balkar Management Group acquired 13 gas stations located in New Jersey and Pennsylvania and one bulk fuel terminal from Consumers Oil Corp. About half of the locations include a convenience store and a few have car washes.
Blarney Castle Oil
Blarney Castle Oil Co. acquired the petroleum marketing and convenience retail business of Pri Mar Petroleum Inc. Michigan-based Pri Mar operated 13 Pri Mart convenience stores and supplied 12 wholesale dealers in southwestern Michigan, selling fuels under the bp, Amoco and CITGO brands. In a separate transaction, Merle Boes Inc. acquired Pri Mar’s delivered fuels and lubricants business, consisting of the delivery of commercial fuels, heating oil and lubricants to more than 2,000 customers.
Brew LLC
Brew LLC acquired 13 convenience stores and one smoke shop and liquor store from Iowa-based Danlee Corp. Most of the stores were in and around central Iowa. Brew has 36 locations, including some travel centers, in Iowa and Kansas.
Farmers Co-op Oil Co.
Energy cooperative Farmers Co-op Oil Co. purchased 10 Cenex-branded FillMeUp convenience stores in western Minnesota from Pileup LLC.
Gill Energy
Gill Energy acquired Dutchess Terminals Inc., consisting of 13 convenience stores in New York and numerous wholesale fuel accounts. The sale also included a fleet of fuel delivery vehicles.
Jacksons Food Stores Inc.
Jacksons Food Stores acquired the convenience assets of Redwood Oil Co. Inc. California-based Redwood Oil operated 23 Redwood Market convenience stores in northern California that offer the Aztec Grill proprietary food offering. The transaction also included one ExtraMile c-store in Cotari, California.
The Kent Cos.
The Kent Cos. acquired 15 Chevron-branded convenience stores from Louisiana-based B&B Petroleum. This acquisition marked Kent’s entrance into its ninth state, Louisiana. Kent intends to convert the stores to its Kent Kwik brand. As a result of the transaction, The Kent Cos. now has 130 company-owned convenience stores and travel centers across nine states, and it supplies fuel to more than 150 dealer sites in six states.
Mega Saver
In two separate transactions, Mega Saver, based in Omaha, Nebraska, purchased a total of 23 Kum & Go convenience stores in Iowa and Nebraska from Maverik. In addition, Mega Saver announced that it has agreed to acquire 22 c-stores in Iowa and 7 stores in Kansas from Yesway.
Nouria Energy
Massachusetts-based Nouria Energy completed its acquisition of Enmarket convenience stores from the Colonial Group Inc. The transaction consisted of 133 Enmarket locations and 25 car washes, and it expanded Nouria’s footprint to the Southeast region of the United States. Nouria operates 186 convenience stores, 64 carwash locations and a wholesale fuel distribution network with branded dealers throughout the Northeast.
Poppy Markets LLC
California-based Poppy Markets LLC acquired the petroleum marketing and convenience-store business of Engineer’s Associates Inc. and its affiliates, doing business as National Petroleum, consisting of a chain of 11 convenience stores and retail fuel outlets and a wholesale fuel distribution business. Poppy is owned by Vintners Distributors/Loop Neighborhood Market.
Sampson-Bladen Oil Co. Inc.
North Carolina-based Sampson-Bladen Oil Co. acquired 15 Breeze Thru Markets convenience stores from Cary Oil Co. With this acquisition, Sampson-Bladen’s store count increased to 125 stores in North Carolina.
Dennis L. Ruben is executive managing director of NRC Realty & Capital Advisors LLC, Chicago. Reach him at dennis.ruben@nrc.com.
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