Casey’s to Buy 49 Circle K C-Stores

The $39 million cash deal includes Oklahoma locations; Circle K to sell additional U.S., Canadian assets.

March 23, 2021

Circle K Convenience Store Location

ALEXANDRIA, Va.—Casey’s General Stores said it agreed to acquire 49 stores in Oklahoma from Circle K Stores in a $39 million cash deal as Circle K seeks to divest some U.S. and Canadian sites.

The acquisition includes 46 leased properties and three owned properties and is expected to close in the fiscal quarter ending July 31, 2021. Casey’s new distribution center in Joplin, Mo. will supply the stores. Casey’s, based in Ankeny, Iowa, operates more than 2,200 convenience stores across 16 states.

The deal follows Casey’s $580 million all-cash bid for Buchanan Energy, with its chain of 94 Bucky’s Convenience Stores and 79 dealer locations, in November 2020, a move that expanded Casey’s reach in key Midwest markets, mainly Illinois and Nebraska. Casey’s, which introduced a new look for its brand last year and has expanded its private-label offerings, has more than 2,300 stores in 16 states.

Meanwhile, NRC Realty & Capital Advisors of Chicago said it has been tapped by Circle K to coordinate and manage the sale of 269 locations in 29 U.S. states and 37 sites across six provinces in Canada, NRC has announced.

The stores average 2,600 square feet, and the typical lot size is 29,500 square feet. NRC said 122 of the 306 Circle K sites are fee-owned, while 184 are leased. Two-hundred and thirty-eight properties sell fuel, and 68 are convenience only.

“We expect great interest from a wide range of retailers large and small, as well as other players who have expressed active interest in the convenience store industry. These stores are being offered in packages, grouped primarily by geography, and provide many excellent opportunities for regional and local players to acquire attractive properties,” said Evan Gladstone, executive managing director, NRC.

Circle K is owned by global convenience and fuel retailer Alimentation Couche-Tard Inc., based in Laval, Quebec, Canada, which operates in 26 countries and has more than 14,200 stores. In November 2020, Alimentation Couche-Tard struck a HK$2.79 billion (US$360 million) deal with Convenience Retail Asia Ltd. to acquire subsidiary Circle K HK, which operates a network of 340 company-operated convenience stores in Hong Kong and 33 franchised sites in Macau.

Read more about Circle K in “Circle K Innovates Retail in Norway” in the December 2020 issue of NACS Magazine.

Listen to Julie Jackowski, senior vice president and corporate counsel of Caseys and past NACS board chair, discuss how Casey’s stays relevant to its communities in the NACS Lessons in Leadership learning series. In addition, hear from Brian Hannasch, president and CEO of Alimentation Couche-Tard (owner of Circle K); Travis Sheetz, president and COO of Sheetz; and other leaders, give exclusive interviews to NACS about the future of the convenience industry. Watch their Lessons in Leadership today.

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