August 29, 2016 - 5:59 AM
LAVAL, Que. - Alimentation Couche-Tard Inc. (TSX:ATD.B) has an agreement to buy 53 stores in Louisiana, primarily in the Baton Rouge market, for an undisclosed price.
The stores currently operate under the Cracker Barrel banner. All but one of them sell fuel under the Shell, Chevron or Cracker Barrel brand names and 12 include quick-service restaurants.
The purchase is being handled through Couche-Tard's Circle K division, which is purchasing the locations from American General Investments, LLC and North American Financial Group, LLC.
Of the 53 sites, Couche-Tard would own the land and buildings for 47 locations and assume or enter into leases for the remaining six locations. They would become part of Circle K's Gulf Coast region.
Last week, the Laval, Que.-based Couche-Tard announced the biggest deal in its history — a US$4.4 billion friendly acquisition of CST Brands, which is headquartered in San Antonio and has more than 2,000 stores in the U.S. and Eastern Canada.
News from © The Canadian Press, 2016