Alimentation Couche-Tard Inc. announced its plans to acquire 45 fuel and convenience retail sites from Big Red Stores, a successful company originally founded in 1997 by Doug and David Hendrix, that has grown mainly organically by opening new sites over the years.
The transaction includes modern, high-quality and well-located sites across the state of Arkansas. All 45 sites are company owned, company operated sites of which real estate is owned for 44 sites and leased for one site. Furthermore, the network predominately features large-format stores that have ample space for enhanced foodservice and product offerings.
The transaction is expected to close in the first half of calendar year 2023, subject to standard regulatory approvals and closing conditions, and will be financed using the corporation’s available cash and/or existing credit facilities.
“We are very pleased to add Big Red Stores’ high-quality locations to our footprint in the state of Arkansas. Doug and David built an exceptional network of stores and people, and we believe our values are congruent with the culture they’ve spent a quarter-century building. We are honored to be stewards of their legacy,” said Alex Miller, Couche-Tard’s chief operating officer. “As we expand our presence in the area, we look forward to bringing the Circle K experience to new customers and making their lives a little easier every day.”
Couche-Tard operates in 24 countries and territories, with more than 14,300 stores, of which approximately 10,900 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States. Approximately 122,000 people are employed throughout its network.