Circle K has acquired nearly two dozen convenience stores and more than 150 dealer fuel supply agreements — with the help of Santa Barbara-based Corner Capitol Advisors LLC.
Alimentation Couche-Tard Inc. of Laval, Québec, recently announced that its Circle K Stores division had purchased 21 convenience stores, 151 dealer fuel supply agreements and five development properties from Cinco J Inc.-Johnson Oil Co., Tiger Tote Food Stores and their affiliates.
The convenience stores and development properties are all located in Texas, while the dealer fuel supply agreements are spread across Louisiana, Mississippi and Texas.
In a statement, CoucheTard said the transaction is expected to close in July. Terms of the deal were not disclosed.
The convenience stores operate under The Tote and Tiger Tote store brands, and they offer Chevron– and Exxon-branded motor fuels. The branded dealer business offers Chevron, Citgo, Exxon, Shell, Texaco and Valero fuels.
Following the acquisition, all of the stores would be operated under the Circle K brand by CoucheTard’s Southwest Division.
“Subsequent to this transaction, Couche-Tard’s network in the Circle K Southwest Division would include a total of 335 company operated-stores and 67 locations under wholesale or franchise agreement,” Kelly McGuire, operations vice president of Circle K’s Southwest Division.
CoucheTard retained Corner Capital Advisors LLC to provide strategic advising for its convenience retail and fuel distribution business segments.
Corner Capital, a wholly owned affiliate of Corner Capital Partners LLC of Santa Barbara, provides investment banking and advisory services to the downstream energy industry, serving distributors, private equity firms, lenders and other constituencies in the segment.
— Andy Weber is the founder of Corner Capital Partners LLC.