Last updated on August 28th, 2012 at 10:42 am
Alimentation Couche-Tard Inc. has signed, through its indirect wholly-owned subsidiary, Circle K Stores Inc., an agreement to acquire 29 stores in Orlando, Fla., from Florida Oil Holdings LLC.
The transaction is anticipated to close at the end of this month. The transaction is subject to standard regulatory approvals and closing conditions. According to a confidentiality agreement between the parties, the purchase price cannot be disclosed at this time. Internal available cash dollars and available credit facilities will fund the transaction.
All stores are company-operated and offer motor fuel, all under the BP brand. Thirteen of the sites are equipped with car washes. The sites would be operated by Couche-Tard’s Florida Division under the Circle K brand. Pursuant to this transaction, the corporation would buy the land and buildings for 23 locations and the remaining six locations are long-term leased sites.
“This is a great opportunity for the Florida Division to strengthen our market share in the Orlando market,” said David Morgan, VP of operations for the Florida Division. The assets are very high quality and are great locations. I am very confident the assets and team will make an immediate positive contribution to the corporation. This transaction would bring the company-operated store count for the division to 406.”
