ROSS MAROWITS CANADIAN PRESS
Friday 9 March 2007
Dépanneur chain Alimentation Couche-Tard Inc. is expanding its ever-growing reach in the United States by entering the Oklahoma City market with the acquisition of 53 outlets by its Circle K Stores subsidiary.
The price being paid to Star Fuel Marts LLC for the All Starbranded stores was not disclosed, but Couche-Tard said their 2006 sales totalled $215 million U.S.
“Oklahoma is an area we think is good for development, not only for this one, but we foresee additional developments going forward,” Couche-Tard chief financial officer Richard Fortin said in an interview.
“The U.S. market is consolidating and based on our analysis we think that other acquisitions could be realized in this area going forward.”
All Star Fuel Mart’s stores carry the All Star banner, with 29 selling ConocoPhillips gasoline and 24 selling Shell fuel and with 39 locations running car washes.
Couche-Tard said the fuel relationships will remain but the stores will be converted to the Circle K brand.
The transaction, expected to close in April, will be funded from internal cash.
Long-term leases with Star Fuel Marts will be in place at 42 sites and Couche-Tard will assume third-party leases at the other 11 sites.
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