Alimentation Couche-Tard Acquires 17 C-stores Across the Southeast
LAVAL, Quebec — Alimentation Couche-Tard Inc. is putting another acquisition in the books for 2021 with the purchase of Slidell Oil Co.'s 17-store chain.
Under terms of the transaction, Couche-Tard picked up Slidell's 17 convenience stores operating under the Purple Cow banner, in addition to 23 wholesale fuels accounts across Alabama, Mississippi and Louisiana.
The Slidell Oil assets are large, modern, high-volume facilities that will complement the existing Circle K portfolio in the region, as well as complement the convenience retailer's wholesale fuels business, according to Couche-Tard.
"We are very pleased to add Slidell Oil's high-quality locations and fueling assets to our growing footprint along the Gulf Coast," said Couche-Tard's Executive Vice President, Operations, North America, and Global Commercial Optimization Alex Miller. "As we expand our presence in the area, we look forward to bringing the Circle K experience to new customers and making their lives a little easier every day."
Founded in 1948 as a Shell jobber, Slidell Oil is a third-generation family-owned business based in Slidell, La. In 1952, Willis A. Baker acquired the company and in 1973, Willis' son, W.A. Baker Jr., joined the business and expanded its marketing territory.
In 1998, Brian and Keith Baker, the company's current owners and co-CEOs, joined the family business. Under their leadership, Slidell grew organically by building new sites and acquiring customers throughout the marketing area. Slidell also acquired Interstate Oil Co. in 2011, which boosted its presence significantly in the Montgomery, Ala., market.
In 2016, the company sold its lubricants and commercial fuels divisions in order to focus on its retail and wholesale motor fuels businesses.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Slidell, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Managing Director Vance Saunders, CPA; Vice President John Duni, CFA and CPA; and Associate Kyle Tipping, CFA.
"Having been through a few previous acquisitions and dispositions, we selected Matrix based on their structured approach to the sale of our company. Although it was a tough decision to sell, we believe it was the right time for us to exit the industry," commented Brian and Keith Baker. "Matrix was very professional and executed on an efficient process to achieve our goals and maximize the value of our assets. It was a pleasure working with Vance, John, and Kyle."
The acquisition closed on Dec. 16.
"The Baker family built an extremely strong company comprised of high-quality assets. We are grateful to have been selected as their advisor to monetize the value created by three generations of their family over the past 70 years. It has been a pleasure working with Brian and Keith and we wish them all the best in their future endeavors," added Saunders.
Brooks Milling and Chris Gill of Hand Arendall Harrison Sale and Paul Mayronne of Jones Fussell L.L.P. served as legal counsel to Slidell Oil.
Laval-based Couche-Tard operates in 26 countries and territories, with close to 14,200 stores, of which approximately 10,800 offer road transportation fuel. It is one of the largest independent convenience store operators in the United States with the Couche-Tard and Circle K banners.