Pedestrians walk past a Couche-Tard convenience store in Montreal.CHRISTINNE MUSCHI/Reuters
Convenience store giant Alimentation Couche-Tard Inc. is boosting the presence of its Circle K chain in the Sunshine State by acquiring 29 stores from Florida Oil Holdings for an undisclosed price.
The deal, which is expected to close by the end of the month, will increase the number of company-operated stores in Florida to 406.
The purchase will be funded by available cash and credit facilities.
All of the stores offer BP-branded motor fuel and 13 locations have car washes.
Couche-Tard will buy the land and buildings for 23 of the locations, and assume long-term leases for the remaining six stores.
David Morgan, Couche-Tard's Florida vice-president of operations, said the transaction will strengthen the company's market share in Orlando by adding quality stores in great locations.
The deal follows last month's announcment that Couche-Tard will acquire 27 locations in Washington state.
Quebec-based Alimentation Couche-Tard is one of North America's largest convenience store operators with more than 5,800 stores, including 4,216 selling fuel.
The chain operates in all 10 Canadian provinces under the Couche-Tard and Mac's banners. It also operates Circle K stores in 42 states and the District of Columbia and recently expanded into Europe with the acquisition of 2,300 locations operated by Statoil Fuel & Retail.