Mergers & Acquisitions

Top 202 2019: The Cost of Building, Buying and Selling

4 statistics driving the c-store M&A market, for better or for worse
the cost

CHICAGO — The dynamics of convenience-store chain growth pivot around many factors, including interest rates, fuel profitability and c-store multiples. Many of those critical factors currently favor retailers. Here’s a look at where the stats stand.

High Multiples

Three of the larger acquisitions in 2018—two from  EG Group and the BP-ArcLight deal for Thorntons—drew  high multiples, averaging 11.3X among the three.

Sources: NACS, Nomura

Interest Rates

The cost of money is hovering at record lows, with U.S. Treasury bills at 2% to 3%. The average rate just prior to the 2008-2009 recession was about 5%.

Source: U.S. Department of the Treasury

Building Costs

Construction costs for new builds in urban locations skyrocketed by 44.5% in four years, according to NACS.

Source: NACS CSX data

Fuel Numbers

While fuel volumes were down in 2018, margins  and sales—along with gas prices—were up.

Source: NACS CSX data

Click here to see the complete Top 202 report.

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