Alimentation Couche-Tard Subsidiary Acquires Pride C-Stores Chain
COLUMBIA CITY, Ind. — Merger and acquisition (M&A) activity continues to pick up in the latter part of the year, this time in Indiana.
In the latest transaction, Columbus-based Mac's Convenience Stores LLC, a subsidiary of Laval, Quebec-based Alimentation Couche-Tard Inc., acquired Pride C-Stores Inc. Columbia City-based Pride C-Stores owned and operated seven convenience stores.
Pride C-Stores, which began as Parish Oil Co., acquired its first convenience store in 1977. In 1983, the company began a bulk fuels operation, serving local residential, agricultural and industrial customers.
It sold the bulk fuels business in 1988 as the company turned its attention to developing its c-store chain. All of the stores operate under the Pride brand and are within 25 miles of the Columbia City headquarters in and around the Fort Wayne metropolitan area.
The stores are located in Auburn, Churubusco, Columbia City, Fort Wayne, Kendallville, Merriam and Warsaw. The locations sell CITGO-branded fuel.
The average parcel size is approximately 1.2 acres, while the average building size is approximately 3,000 square feet. Two of the sites have car wash facilities, according to NRC Realty & Capital Advisors.
"We worked very hard to build a 'best of class' chain of convenience stores in northeastern Indiana and we have been proud to serve our customers in these markets. We ultimately concluded for a number of reasons that it was the right time to sell," said Richard "Rusty" Parish, president of Pride C-Stores.
"Although we faced some headwinds in getting this done, especially in the face of COVID-19, we were able to achieve our objectives, due in large part to the assistance we received from our team of financial advisors at NRC Realty & Capital Advisors," he added.
The deal is just the latest in the convenience channel in the past few days as M&A activities pick up after pausing as COVID-19 spread across the United States earlier this year.
On Nov. 9, Ankeny, Iowa-based Casey's General Stores Inc. announced its pending acquisition of Omaha, Neb.-based Buchanan Energy, owner of Bucky's Convenience Stores, in an all-cash transaction for $580 million, as Convenience Store News previously reported.
In addition, Charleston, S.C.-based Refuel Operating Co. LLC signed an agreement to acquire Chapel Hill, N.C.-based Holmes Oil Co., parent of the Cruizers c-store chain.