ATD Alimentation Couche Tard Inc

Alimentation Couche-Tard Inc. will divest 25 Mac's, Circle K and Couche-Tard stores in Canada in addition to the 68 U.S. Circle K stores it put on the market in September, according to an announcement Wednesday from NRC Realty & Capital Advisors LLC.

The sale is part of a series of divestitures in recent years in which Couche-Tard has sold off hundreds of stores after aggressive growth through acquisitions. The company has said it is selling smaller stores that don't fit its business model and building spacious stores offering food service on properties that will accommodate high-volume fuel operations and electric vehicle chargers.

At an investor meeting in October, Couche-Tard said it plans to build 500 new stores by fiscal 2023, most of them in North America.

The latest Canadian sites to be sold are in Alberta, Ontario, Quebec and Saskatchewan, and the bid deadline is Jan. 9, said NRC, which is handling the sale. Five of the convenience stores are in Alberta and the rest are in Ontario and Quebec.

Six of the 25 stores sell fuel but are offered without fuel supply contracts.

All stores are sold without the convenience store brand, the announcement said.

NRC said this is the third sale it has handled for Circle K in the last three years. In late September, Couche-Tard put 68 U.S. Circle K stores up for sale.

In 2022, the company sold off 109 Circle K and Couche-Tard sites in the U.S. and Canada. And in 2021, it auctioned more than 355 stores in the U.S. and Canada.

In March, Couche-Tard sold 52 Wilsons Gas Stops sites in Atlantic Canada to Harnois Energies under an agreement it reached with Canada's Competition Bureau. The sale was required to complete its acquisition of Cape D'Or Holdings Ltd., Barrington Terminals Ltd., and other related holding entities that operated an independent c-store and fuel network in Atlantic Canada under the Esso, Wilsons and Go! Stores brands.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Donna Harris, dharris@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

November 01, 2023 12:24 ET (16:24 GMT)

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