Industry Roundup: The Top 10 Most-Read Stories of February 2023
NATIONAL REPORT — Last month, readers were most interested in retailers' expansion plans, acquisitions and rumors of future deals. In the latest Industry Roundup, we present the top 10 most-read stories for the month of February, based on reader views:
1) Kum & Go Reportedly Exploring All Options, Including a Sale
Sources put the value of the c-store chain at close to $2 billion. Refinancing, real estate leasebacks or other forms of recapitalization are potential alternatives. The Krause family is reportedly working with JPMorgan Chase & Co. to identify the most financially attractive option.
2) BP to Acquire TravelCenters of America for $1.3B
BP will purchase the outstanding shares of TA common stock for $86 per share in cash. The sale price represents an 84 percent premium to the average trading price of the 30 days ended Feb. 15 of $46.68.
3) M&A Experts React to BP's Acquisition of TravelCenters of America
Experts in mergers and acquisitions agree that the pending deal is good for both BP and the development of alternate forms of energy. "I was surprised that nobody else thought of it before based on the fact all of the major oil companies are looking for ways to sell more gallons of fuel," Terry Monroe, president and founder of American Business Brokers & Advisors, told Convenience Store News. "TA has locations that are branded multiple brands that can be converted to BP."
4) Fifteen Suppliers Selected as 2023 Convenience Store News Category Captains
Now in its 10th year, the competition recognizes excellence in innovative, creative and profit-generating category management platforms.
5) Wawa Plans First Stores in Ohio & Indiana
Ohio's Liberty Township's board of trustees approved plans for Unicorp National Developments Inc. to build a Wawa there, while Wawa plans to open its first Indiana location in Noblesville at the Midland Pointe housing and commercial development at State Road 32 and Hazell Dell Road.
6) Alimentation Couche-Tard Picks Up Big Red Stores
Couche-Tard will acquire 45 fuel and convenience retail sites from Big Red Stores, based in Bryant, Ark., under a binding purchase agreement. All 45 sites are company-owned and -operated.
7) 7-Eleven Levels Up With PAC-MAN Themed Collaboration
The retailer and beloved video game icon PAC-MAN teamed up to reward convenience store customers with the chance of winning thousands of prizes to power up the way they play. The retailer's latest collaboration included epic giveaways, an exclusive 7Collection merchandise drop and exciting new limited-time only beverages inspired by PAC-MAN.
8) Sheetz Appoints New Chairman of the Board
Sheetz Inc. named former President and CEO Joe Sheetz as the company's new chairman of the board of directors, effective immediately. His responsibilities include overseeing the board's activities as they relate to corporate governance and risk, executive appointments and compensation, and long-term planning.
9) Yesway Boosts Footprint With New Locations & Acquisition Pact
The Yesway footprint now stands at 435 convenience stores following recent growth moves. The company acquired five existing Ranglers convenience stores in the cities of Clifton, Hamilton and Hico, Texas. The company also celebrated the opening of its newest Allsup's stores in Ruidoso, N.M., and Abilene, Springtown, Snyder and Whitney, Texas.
10) Casey's Personalizes the Future With Digital Transformation
Optimizing Salesforce's unified customer data platform has yielded higher open rates on messages, higher click-through rates and higher conversion rates for the retailer.