Couche-Tard has announced that it has signed, through its subsidiary Circle K Stores, an agreement to purchase 53 ‘Cracker Barrel’ convenience stores held by American General Investments and North American Financial Group.
Thee sites are located primarily in the Baton Rouge market in Louisiana. The deal is anticipated to close in the third quarter of Couche-Tard’s fiscal year 2017 and is subject to the regulatory approvals. The parties did not to disclose the purchase price for the acquisition.
The convenience stores currently operate under the store brand Cracker Barrel and include 12 quick service restaurants. All but one of the sites offer branded motor fuels under the Shell, Chevron or Cracker Barrel brand names.
Following the acquisition, all of the stores will be rebranded and operated under the Circle K brand by Couche-Tard’s U.S. Division of the Gulf Coast Region, which currently includes 638 company operated-stores, 8 company owned and dealer operated and 54 dealer owned and operated.
“This acquisition would be a great addition to Couche-Tard’s expansion and growth plans for the Gulf Division.” commented Brian Bednarz, Vice President Operations, U.S. Division of the Gulf Coast Region.