Mergers & Acquisitions

Majors Management, Couche-Tard Split Up MAPCO Express

Circle K parent acquiring 112 locations carved out from more than 300 total sites
mapco
Photograph courtesy of MAPCO

Majors Management LLC has agreed to acquire MAPCO Express Inc., contingent on a separate transaction whereby a third party will acquire some MAPCO fuel and convenience retail sites. That third party is Alimentation Couche-Tard, which has agreed to acquire 112 c-stores carved out from MAPCO Express.

MAPCO, based in Franklin, Tennessee, has 304 locations in Tennessee, Alabama, Georgia, Arkansas, Kentucky and Mississippi. It is a subsidiary of Santiago, Chile-based Compania de Petroleos de Chile (COPEC).

The transaction with Majors Management includes the MAPCO brand and convenience-store chain in the southeastern United States, mostly in Tennessee, Alabama and Georgia.

“We are thrilled to bring the MAPCO and Majors’ teams together,” said Ben Smith, president of Majors Management. “We are honored to maintain and grow the MAPCO brand, and we are excited to serve MAPCO’s customers and uphold and build upon the culture of operational excellence at MAPCO.”

The companies expect the transaction to close in the second half of calendar year 2023, subject to standard regulatory approvals and closing conditions.

In the last three years, Majors Management has completed 18 acquisitions in 14 states.

The transaction with Couche-Tard includes a strong network of modern, high-quality, well-located sites in attractive and desirable markets predominantly in Tennessee and Alabama, but also in Kentucky and Georgia. All 112 sites are company-operated, and most of the real estate is owned. The transaction also includes surplus property and a logistics fleet.

Couche-Tard is financing the acquisition using the corporation’s available cash and existing credit facilities, including its U.S. Commercial Paper Program, it said.

“We are delighted to add MAPCO’s high-quality sites to our footprint in the Southeastern U.S.,” said Alex Miller, Couche-Tard’s COO. “As we continue to grow our presence in the region, we look forward to bringing the Circle K experience to new customers and making their lives a little easier every day.” 

  • Alimentation Couche-Tard is No. 2 in CSP’s Top 40 update to the 2022 Top 202 ranking of U.S. c-store chains by total number of retail outlets. Mapco is No. 27. Watch for the full 2023 ranking in June.

Laval, Quebec-based Couche-Tard’s 24-country global c-store network includes approximately 9,300 locations in North America, with more than 7,100 in the United States, primarily under the Circle K and Holiday Stationstores banners, and approximately 2,100 in Canada under the Circle K, Mac’s and Couche-Tard banners. Couche-Tard’s total worldwide network consists of approximately 14,300 mostly Circle K-branded c-stores, of which approximately 10,900 offer motor fuel.

Lawrenceville, Georgia-based Majors Management is an owner, developer and operator of convenience stores and a distributor of branded motor fuels. Majors Management and its affiliates supply fuel to more than 1,400 convenience stores. It partners with leading petroleum brands including Marathon, BP, Shell, Chevron, Exxon, CITGO, Mobil, Texaco, Valero, Phillips, Sunoco, 76, and Alon. Its current markets include Alabama, Arkansas, Arizona, Florida, Georgia, Illinois, Kansas, Louisiana, North Carolina, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, Maine and Michigan.

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