NATIONAL REPORT — Much of retailers' focus in 2020 centered around the health and safety of their associates as well as their customers, but despite a brief pause in the spring, consolidation continued to forge a path through the convenience channel.
The most notable deal involved Marathon Petroleum Corp. agreeing to sell its Speedway LLC network to powerhouse 7-Eleven Inc. for $21 billion. Though others did not carry such price tags, merger and acquisition activity proved that the channel is still an attractive area to do business.
These are the top 10 M&A headlines of 2020, as reported by Convenience Store News Online:
The energy company will see integration benefits from its new long-term fuel pact with 7-Eleven Inc.
The all-cash deal will add 157 New Jersey and New York stores to Murphy USA's operational footprint.
The deal for Circle K HK, a subsidiary of Convenience Retail Asia Limited, comes with 377 c-stores.
The deal also includes wholesale fuel distribution to 110 sites and a leasehold interest in 62 sites.
The $580-million definitive agreement includes 94 Bucky's Convenience Stores.
The transaction brings GPM's total site count to approximately 3,000 locations in 33 states.
The retailer adds more than 100 sites to its portfolio.
The deal with Platinum Energy includes 96 c-stores and gas stations, three car washes and one quick-service food location.
The company agreed to sell certain retail assets following the transaction to settle antitrust concerns.
The acquisition includes 36 c-stores in southern Wisconsin and northern Illinois.