NEWARK, N.J. — 2018 started off on a historical high note when 7-Eleven Inc. closed on its purchase of nearly all of Sunoco LP's retail assets — the largest acquisition the Irving, Texas-based chain ever completed.
The $3-billion deal, though, would be eclipsed in the spring when Marathon Petroleum Corp. and Andeavor announced their $23.3-billion merger agreement.
U.K.-based EG Group also made a splash when it entered the U.S. convenience channel with a $2.15-billion deal to buy The Kroger Co.'s c-store network, followed by its purchase of TravelCenters of America LLC's Minit Mart portfolio.
Big-ticket M&A transactions were not alone in grabbing readers' attention. Long-established family businesses such as Thorntons Inc. and Ricker Oil Co. reached acquisition agreements as the year entered its final months.
These are the top 10 M&A headlines of 2018, as reported by Convenience Store News Online:
1. Marathon Petroleum & Andeavor Reach $23.3B Merger Agreement
The deal created a nationwide convenience store network when it closed in the second half of 2018.
2. 7-Eleven Closes Biggest Acquisition in Its History
Convenience store chain takes ownership of 1,030 sites from Sunoco LP.
3. Kroger Completes Exit From Convenience Store Operations
U.K.-based EG Group closes on its $2.15-billion portfolio acquisition.
4. TravelCenters Completes Exit From Standalone C-store Operations
After five years, the company sells its Minit Mart portfolio for $330 million.
5. Chile-Based Enex Completes Acquisition of Road Ranger
The $289-million deal marks Enex's entry into the U.S. market.
6. Thorntons Being Acquired by Joint Venture Between BP & ArcLight Capital
All existing c-stores will continue to operate under the Thorntons banner.
7. Giant Eagle Takes Ownership of Ricker Oil
Work now begins to bring together GetGo and Ricker's into leading food-first convenience retailer in Indiana.
8. Getty Realty Joins GPM & E-Z Mart Deal With $52M Acquisition
The REIT leases 30 properties to a GPM subsidiary as full operations of the E-Z Mart chain officially changes hands.
9. Speedway to Acquire 78 New York Convenience Stores
The Express Mart sites are located primarily in the Syracuse, Rochester and Buffalo markets.
10. Jacksons & Chevron Joint Venture Gets Up & Running
New company plans to double the number of ExtraMile locations by 2027.