Majors Management LLC has agreed to acquire MAPCO Express Inc. The acquisition is contingent on a separate transaction whereby some MAPCO fuel and convenience retail sites are sold to a third party.
The third party, Alimentation Couche-Tard Inc., agreed to acquire 112 fuel and convenience retail sites from MAPCO. All 112 sites are company operated, and most of the real estate is owned. The transaction also includes surplus property and a logistics fleet.
The Majors Management transaction includes the MAPCO My Reward$ loyalty program, the MAPCO brand and a retail fuel and convenience store chain in the Southeastern U.S. in attractive and desirable markets predominantly in Tennessee, Alabama and Georgia.
The transactions are expected to close in the second half of calendar year 2023, subject to standard regulatory approvals and closing conditions. Couche-Tard’s transaction will be financed using its available cash and/or existing credit facilities, including its U.S. Commercial Paper Program.
“We are thrilled to bring the MAPCO and Majors’ teams together,” said Ben Smith, Majors’ president. “We are honored to maintain and grow the MAPCO brand, and we are excited to serve MAPCO’s customers and uphold and build upon the culture of operational excellence at MAPCO.”
“We are delighted to add MAPCO’s high-quality sites to our footprint in the Southeastern U.S.,” said Alex Miller, Couche-Tard’s chief operating officer. “As we continue to grow our presence in the region, 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 and has a presence in Canada, Scandinavia, the Baltics, Ireland, Poland and Hong Kong Special Administrative Region of People’s Republic of China. Approximately 122,000 people are employed throughout its network.
Lawrenceville, Ga.-based Majors Management LLC is an owner, developer and operator of convenience stores and a distributor of high-quality branded motor fuels. Majors and its affiliates supply fuel to over 1,400 convenience store locations. Majors partners with petroleum brands including Marathon, BP, Shell, Chevron, Exxon, Citgo, Mobil, Texaco, Valero, Phillips, Sunoco, 76 and Alon. Its current markets include Alabama, Arkansas, Arizona, Florida, Georgia, Illinois, Kansas, Louisiana, North Carolina, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, Maine and Michigan. In the last three years, Majors has completed 18 acquisitions across 14 states.