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Alimentation Couche-Tard subsidiary acquires U.S.-based Pride c-store chain

UnknownColumbus-based Mac’s Convenience Stores LLC, a subsidiary of Laval, Quebec-based Alimentation Couche-Tard Inc., acquired Pride C-Stores Inc. Columbia City-based Pride C-Stores owned and operated seven convenience stores, according to Convenience Store News.

Pride C-Stores, which began as Parish Oil Co., acquired its first convenience store in 1977. In 1983, the company began a bulk fuels operation, serving local residential, agricultural and industrial customers.

It sold the bulk fuels business in 1988 as the company turned its attention to developing its c-store chain. All of the stores operate under the Pride brand and are within 25 miles of the Columbia City headquarters in and around the Fort Wayne metropolitan area.

The stores are located in Auburn, Churubusco, Columbia City, Fort Wayne, Kendallville, Merriam and Warsaw. The locations sell CITGO-branded fuel.

The average parcel size is approximately 1.2 acres, while the average building size is approximately 3,000 sq. ft. Two of the sites have car wash facilities, according to NRC Realty & Capital Advisors.

“We worked very hard to build a ‘best of class’ chain of convenience stores in northeastern Indiana and we have been proud to serve  our customers in these markets. We ultimately concluded for a number of reasons that it was the right time to sell,” said Richard “Rusty” Parish, president of Pride C-Stores.

“Although we faced some headwinds in getting this done, especially in the face of COVID-19, we were able to achieve our objectives, due in large part to the assistance we received  from our team of financial advisors at NRC Realty & Capital Advisors,” he added.

 

 


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Parkland ramps up growth the latest U.S. acquisition

Screen Shot 2020-11-16 at 1.10.47 PMParkland Corporation has announced it will acquire the assets of Richfield, Utah-based Sevier Valley Oil Company (SVO).

Based in Richfield, Utah, SVO is a well-established retail and commercial fuel business with annual fuel and petroleum product volume of approximately 350 million litres. SVO’s primary operations are in Southwestern Utah, along with a presence in Northern Utah and Colorado. The acquisition of SVO adds seven retail locations and over 20 retail dealers in addition to robust diesel and lubricant distribution capabilities.

“We continue to expand our US footprint and execute on our growth strategy,” says Doug Haugh, president of Parkland USA. “This acquisition meaningfully expands our retail presence in rapidly growing Southern Utah and presents a fantastic opportunity to leverage our North American On the Run convenience store brand, enhance our customer proposition and drive incremental value.”

“The acquisition strongly complements our existing Rockies Regional Operating Center and positions us for further organic and acquisition growth in neighbouring Nevada and Arizona,” added Haugh. “We are delighted to welcome Garrett Ekker and the SVO team to Parkland and look forward to the continued growth of our USA business.”

This acquisition is consistent in value with Parkland’s previous U.S. transactions. Funding for the deal will come from existing credit facility capacity. The transaction is expected to close in the fourth quarter of 2020.