Year in Review: The Top M&A Deals of 2022

Shell boosts its U.S. presence and Smoker Friendly has its largest growth spurt to date.
Melissa Kress
Executive Editor
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Logos for Shell and Timewise convenience stores

NATIONAL REPORT — The industry didn't see many blockbuster trades this year, but a flurry of mid- and smaller-sized deals dominate the landscape.

Why? Industry experts pointed to several factors, including limited available inventory and cost of money. Additionally, private equity and public companies are slowing down their pace of activity, or at least taking a more cautious approach.

However, there is one segment of the c-store industry where M&A is still pretty active: the small operator community. That's a trend that will continue in the near future, industry insiders told Convenience Store News for the Top 100 report earlier this year.

These are the top 10 M&A headlines of 2022, as reported by Convenience Store News Online:

1. Shell Strengthens Its U.S. Market Presence With Completed Acquisition of Timewise Stores
The pact includes supply agreements for the independently operated fuel and c-store sites.

2. HollyFrontier Closes Sinclair Oil Acquisition & Establishes New Parent Company
The new combined entity will be headquartered in Dallas.

3. GPM Investments Takes Ownership of Pride C-stores
The 31-store deal is parent company ARKO Corp.'s 22nd acquisition.

4. Smoker Friendly Completes Its Largest Acquisition
The deal added 79 stores across five states.

5. CEFCO Sells 50 C-stores to Two Buyers
BreakTime Corner Market acquires 48 of the stores, while Refuel purchases two locations.

6. Miller Oil Co. Exits C-store Industry After 40-Plus Years
The company's retail sites and wholesale dealer accounts were divided between two acquiring companies.

7. CrossAmerica Makes Deal for Assets From Community Service Stations
The transaction includes fuel supply contracts for roughly 75 million gallons annually.

8. ARKO Finalizes Acquisition of Quarles Petroleum Assets
The deal is part of the company's focus on strategic growth that generates long-term shareholder value.

9. Majors Management Inks Flurry of M&A Deals
Transactions include c-stores, a truck stop, and a commercial fuels and lubricants business.

10. Global Partners Acquires Tidewater Convenience
The deal includes 14 company-operated gas stations and c-stores throughout southeast Virginia.

About the Author

Melissa Kress
Melissa Kress is Executive Editor of Convenience Store News. Read More