FRANKLIN, Tenn.—At the NACS State of the Industry Summit last week, a common theme in presentations was that mergers and acquisitions in the convenience store industry will continue. And they have. Last Friday, Maverik announced that it acquired Kum & Go. This Friday, it was announced that Alimentation Couche-Tard and Majors Management will acquire the assets of MAPCO Express.
The announced acquisitions are contingent on the other happening.
Alimentation Couche-Tard Inc. (ACT), the parent company of Circle K, announced that it has reached an agreement to acquire 112 fuel and convenience retail sites to be carved out from MAPCO Express Inc. In a press release, ACT said the transaction 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.
The transaction is expected to close in the second half of calendar year 2023, subject to standard regulatory approvals and closing conditions.
“We are delighted to add MAPCO’s high-quality sites to our footprint in the Southeastern U.S.,” said Alex Miller, ACT’s chief operating officer. “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.”
In a separate press release, Majors Management LLC announced it has reached an agreement to acquire MAPCO Express Inc. The transaction includes the MAPCO My Reward$ loyalty program and the MAPCO brand. This transaction also is expected to close in the second half of calendar year 2023, subject to standard regulatory approvals and closing conditions.
“We are thrilled to bring the MAPCO and Majors’ teams together,” said Ben Smith, Majors’ president. “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.”
Alimentation Couche-Tard Inc. operates in 24 countries and territories, with more than 14,300 stores, of which approximately 10,900 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.
Lawrenceville, GA-based Majors Management, LLC is an owner, developer and operator of convenience stores and a distributor of high-quality branded motor fuels. Majors and its affiliates supply fuel to over 1,400 convenience store locations. Majors partners with leading petroleum brands including Marathon, BP, Shell, Chevron, Exxon, Citgo, Mobil, Texaco, Valero, Phillips, Sunoco, 76 and Alon. In the last three years, Majors has completed 18 acquisitions across 14 states.