FRANKLIN, Tenn. — MAPCO Express Inc. is the latest convenience store retailer to find itself on the acquiring end of a notable merger-and-acquisition play.
Majors Management LLC and Alimentation Couche-Tard Inc. are splitting the portfolio in two separate transactions. Franklin-based MAPCO operates more than 300 c-stores across Tennessee, Alabama, Georgia, Arkansas, Kentucky and Mississippi. It is a subsidiary of COPEC, a leading South America-based retail company.
Laval, Quebec-based Couche-Tard, the parent company of the global Circle K brand, inked an agreement to acquire 112 convenience and fuel sites in Tennessee, Alabama, Kentucky and Georgia. All 112 sites are company-operated, and most of the real estate is owned.
The transaction also includes surplus property and a logistics fleet.
"We are delighted to add MAPCO's high-quality sites to our footprint in the Southeastern U.S.," said Alex Miller, Couche-Tard's chief operating officer. "As we continue to grow our presence in the region, we look forward to bringing the Circle K experience to new customers and making their lives a little easier every day."
[Read More: Alimentation Couche-Tard Makes Notable Moves to Grow]
Couche-Tard is a global leader in convenience and fuel retail, operating in 24 countries and territories, with more than 14,300 stores, of which approximately 10,900 offer road transportation fuel.
The Majors' transaction, which Convenience Store News previously reported, includes the MAPCO My Rewards loyalty program, the MAPCO brand and the remaining c-store and fuel locations across the Southeastern United States in attractive and desirable markets predominantly in Tennessee, Alabama and Georgia.
Both deals, which are contingent on the other transaction closing, are expected to be completed in the second half of calendar year 2023, subject to standard regulatory approvals and closing conditions.
"We are thrilled to bring the MAPCO and Majors' teams together," said Ben Smith, president of Lawrenceville, Ga.-based Majors Management. "We are honored to maintain and grow the MAPCO brand, and we are excited to serve MAPCO's customers and uphold and build upon the culture of operational excellence at MAPCO."
Majors is an owner, developer and operator of convenience stores and a distributor of branded motor fuels. Majors and its affiliates supply fuel to more than1,400 c-stores. The company partners with leading petroleum brands including Marathon, BP, Shell, Chevron, Exxon, CITGO, Mobil, Texaco, Valero, Phillips, Sunoco, 76 and Alon.
In the last three years, Majors has completed eighteen acquisitions across 14 states.