FRANKLIN, Tenn. — MAPCO Express Inc.'s portfolio officially split in two on Nov. 1 as Majors Management LLC and Alimentation Couche-Tard Inc. closed on their acquisitions of the company's assets in separate transactions.
Previously a subsidiary of COPEC, a leading South America-based retail company, MAPCO operates more than 300 convenience stores across Tennessee, Alabama, Georgia, Arkansas, Kentucky and Mississippi.
Laval, Quebec-based Couche-Tard, the parent company of the global Circle K brand, picked up 112 company-operated fuel and convenience retail sites from MAPCO, along with a surplus property and a logistics fleet. Most of the real estate is also owned.
"We are pleased to welcome these MAPCO stores and their great team members into the Couche-Tard family and look forward to their integration," said Alex Miller, chief operating officer at Couche-Tard. "As we continue to grow our presence across the Southern U.S., we are excited to bring the Circle K experience to new customers in Georgia, Tennessee, Alabama and Kentucky."
The transaction was financed using Couche-Tard's available cash and its U.S. Commercial Paper Program.
Couche-Tard is a global leader in convenience and fuel retail, operating in 25 countries and territories, with more than 14,400 stores, of which approximately 10,800 offer road transportation fuel.
In a separate transaction, Majors Management acquired 192 MAPCO-branded c-stores in Tennessee, Alabama, Georgia, Mississippi, Arkansas and Kentucky, as well as the retailer's wholesale fuel division, loyalty program, brand and other intellectual property.
The deal will leverage the collective knowledge, experience and resources of both organizations, allowing Majors to expand its reach and offering to customers in new and existing markets, the company said, adding that MAPCO customers and partners can expect a seamless transition.
"The acquisition of MAPCO aligns perfectly with our long-term growth and expansion plans," said Majors President Ben Smith. "We are confident that this transaction will bring together the strengths and expertise of two industry leaders to better serve the evolving needs of customers and markets. We are committed to growing the MAPCO brand and loyalty program and keeping Mapco's highest standards of service and quality to customers.
Dinsmore & Shohl LLP served as lead legal counsel for Majors during the transaction.
Lawrenceville, Ga.-based 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 than 1,400 c-stores. The company partners with leading petroleum brands including Marathon, BP, Shell, Chevron, Exxon, CITGO, Mobil, Texaco, Valero, Phillips, Sunoco, 76 and Alon.