Alimentation Couche-Tard Inc.

Laval, Quebec-based Alimentation Couche-Tard Inc. shook up 2024 with a takeover play against the largest convenience-store chain in the United States, 7-Eleven Inc., Irving, Texas. The parent company of the No. 2 Circle K chain started its move in August 2024 with an initial bid of $39 billion. After pushback from Seven & i Holdings Co. Ltd., the Tokyo-based parent of the U.S. chain, Couche-Tard submitted a new bid of $47.2 billion.

At press time in mid-March, top executives at Couche-Tard were scheduled to meet with officials at Seven & i in Japan. "We have identified a potential divestiture portfolio of U.S. stores," Couche-Tard said in a statement to CSP Daily News. "In collaboration with Seven & i, and to provide further assurance, Couche-Tard is having exploratory discussions with third parties to identify potential acquirers."

Couche-Tard said it believes there is a clear path to obtaining regulatory approvals for a transaction with Seven & i and that it has made a "robust proposal" to Seven & i about its commitment to doing so. Couche-Tard has a successful track record of 75 acquisitions since 2004, it said, which have included working with U.S. and other regulators. 

In addition to the 7-Eleven play, 2024 was an active year for Couche-Tard. It agreed to purchase 270 GetGo stores from the Pittsburgh-based Giant Eagle supermarket chain for $1.6 billion. The stores are located throughout Pennsylvania, Ohio, West Virginia, Maryland and Indiana. In the deal, expected to close in 2025, Couche-Tard builds on GetGo's foodservice expertise, part of a strategy that had guided Couche-Tard for several years, observers say.

In terms of its previous U.S. acquisition activity, Couche-Tard purchased 112 MAPCO Express sites from Compania de Petroleos de Chile S.A. (COPEC), Santiago, Chile. The transaction included a network of modern sites 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 included surplus property and a logistics fleet. Also in 2023, Couche-Tard finalized the acquisition of Big Red Stores from Summerwood Partners LLC, Bryant, Arkansas, rebranding the 44 Arkansas convenience stores to Circle K.

Among its portfolio of programs, Circle K launched a national, U.S. advertising campaign called, "Fueled by Circle K," focusing on the brand's fuel and its availability in more than half of its locations. Meanwhile, Couche-Tard has deployed electric-vehicle fast chargers in the United States.

Alimentation Couche-Tard is a global leader in convenience and fuel retail, operating in 29 countries and territories, with more than 16,700 stores, of which almost 13,100 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience-store operators in the United States and a leader in the convenience-store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics and Ireland. It also has an important presence in Poland and the Hong Kong Special Administrative Region of People's Republic of China and has expanded to Belgium, Germany, Luxembourg and the Netherlands. More than 150,000 people are employed throughout its network.

For benchmarking purposes, store counts are as of Jan. 1, 2025.