Alimentation Couche-Tard Inc. has agreed to acquire retail assets from Irving Oil in Quebec and Ontario, including 52 retail sites already operated by Couche-Tard and fuel supply arrangements covering another 71 locations in Quebec.
The agreement expands Couche-Tard’s ownership of retail assets in the two provinces and adds 18 cardlock sites to the transaction, while maintaining service for existing Irving Oil fleet customers under a long-term agreement. No financial details were disclosed.
The Laval, Que.-based company said transaction remains subject to customary closing conditions and regulatory approvals, including under the Competition Act.
Transaction includes retail sites and fuel supply
The acquisition covers 50 retail sites already operated by Couche-Tard under the Quebec Alliance between the two companies, along with two locations in Pembroke and Cornwall, Ont., that are also currently operated by Couche-Tard.
The agreement also includes fuel supply to 71 retail sites in Quebec that are owned and operated by Couche-Tard. The news release did not disclose the financial terms of the transaction or provide a timeline for its completion.
The deal includes 18 cardlock sites, consisting of 16 in Quebec and two in Ontario. Cardlock facilities provide fuel access for commercial and fleet customers. Of the 18 sites, 16 are co-located with retail locations included in the transaction, while the other two are adjacent to sites already owned and operated by Couche-Tard.
Existing Irving Oil fleet customers will continue to receive service at these locations under a long-term agreement between the companies, according to the announcement.
Couche-Tard cites existing relationship
Couche-Tard said its established relationship with Irving Oil and its experience operating the locations were factors in the agreement.
“This agreement builds on our longstanding relationship with Irving Oil and our experience operating these locations,” said Stéphane Trudel, senior vice-president of operations at Alimentation Couche-Tard.
“These are markets and customers we know well. The transaction would support our continued investment in the everyday convenience experience we offer our customers.”
The announcement does not specify whether the acquisition will result in changes to branding, staffing or day-to-day operations at the affected locations.
Global convenience store operations
Couche-Tard operates in 27 countries and territories, with more than 17,200 stores worldwide, approximately 13,100 of which offer road transportation fuel.
The company operates under the Couche-Tard and Circle K banners and is one of the largest independent convenience store operators in the United States. It also operates in Canada, Scandinavia, the Baltic states, Belgium and Ireland, with additional operations in Luxembourg, Germany, the Netherlands, Poland and Hong Kong Special Administrative Region of the People’s Republic of China.
Approximately 145,000 people are employed across its network, according to the company.
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