Thursday, March 3, 2022
More Circle K Stores Sold as Part of Network Optimization Effort
Majors Management acquires 69 convenience stores across six states
Source: Convenience Store News
LAWRENCEVILLE, Ga. — Majors Management LLC and its affiliates took ownership of 69 convenience stores from Circle K Stores Inc. in a fourth-quarter 2021 deal. The c-stores are located in Louisiana, Alabama, Florida, South Carolina, North Carolina and Virginia.
The acquisition extends Majors' geography into Virginia and expands the company's footprint in the other southeastern states. Thirty-four of the sites will convert to franchised Kangaroo Express locations.
"We are pleased to have collaborated with the teams at NRC Realty & Capital Advisors LLC and Circle K to close this acquisition quickly, efficiently and without disruption to the stores. NRC did a first-class job conducting the sale of these assets, and the team at Circle K were professionals in all respects," said Majors' President Ben Smith, adding he is proud of the effort by the Majors team to overcome the challenges associated with taking over stores spread across six states.
"We are excited to expand our franchise relationship with Circle K, grow the Kangaroo Express brand and grow Majors' footprint in new markets," Smith added.
Optimizing Circle K's Network
The shifting of the 69 c-stores comes as Circle K's parent company, Laval, Quebec-based Alimentation Couche-Tard Inc., has been making moves to optimize its portfolio. In March 2021, Couche-Tard tapped NRC Realty & Capital Advisors LLC to coordinate and manage the sale of 269 sites across 25 states in the United States, as well as 37 sites across six provinces in Canada.
In its latest deal, Couche-Tard sold 25 Circle K, Kangaroo Express or Flash Food branded sites in Georgia, Tennessee and South Carolina to AS Capital LLC, a new company established by the principals of Gas Express LLC (GX) and Synergy Capital Investments.
Earlier this year, the company said that roughly a dozen Louisiana c-stores carrying the Circle K banner will change to franchised Kangaroo Express locations over the coming months. They are located in Baton Rouge, Hammond, Lafayette, Monroe, Shreveport and Slidell.
Majors Recent Moves
In addition to the Circle K deal, Majors closed out 2021 with the acquisition of the retail, petroleum marketing and wholesale fuel business of Haywood Oil Co. Inc. dba Peak Energy. The company also acquired 25 sites, eight wholesale dealer accounts and two commercial fuels bulk plants from Tri-State Petroleum Corp.
Lawrenceville-based Majors Management is an owner, developer and operator of convenience stores and a distributor of branded motor fuels. Majors and its affiliates supply fuel to more than 1,200 c-stores. The company partners with leading petroleum brands, including BP, Shell, Chevron, Exxon, Marathon, CITGO, Mobil, Texaco, Valero, Phillips, Sunoco, 76 and Alon.
In the last two years, Majors has completed 13 acquisitions across 11 states. Its current markets include Alabama, Arkansas, Arizona, Florida, Georgia, Kansas, Louisiana, North Carolina, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia.
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To see a list of convenience stores and gas stations for sale, click here.