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LAVAL, Que. -- Alimentation Couche-Tard, Inc., based here, said yesterday that its Circle K Stores, Inc. subsidiary has signed an agreement to acquire six convenience stores in the Tallahassee, Fla. area from Capcirc Properties, LLC.
The deal, which is expected to close at the early next month, will add sales of about US $22 million to Couche-Tard's revenues and contribute to its earnings on an annualized basis, according to the company. The parties didn't disclose the purchase price, but Couche-Tard said that internal cash-flow dollars were funding the transaction.
The stores currently operating under the Stop-N-Save banner, will all become Circle K locations. Under the deal, Circle K will buy the land and buildings for five sites and lease the sixth.
"Strategically this acquisition would be an excellent fit with our current network in the Tallahassee region and would nicely complement our expansion and growth plans in both the Florida and Gulf division, and Tallahassee in particular," said Mick Parker, Circle K v.p. operations, Florida and Gulf. "These additional locations would bring our store count to 23 in the Tallahassee region. Circle K assets in Tallahassee will be remodeled in the near future to reflect the Circle K image that is currently being rolled out in the Florida and Gulf Division."
Employing 36,000 people, Couche-Tard operates 4,909 convenience stores, 3,028 of which include gas stations, in eight large geographic markets: three in Canada, and five covering 23 U.S. states.