Nouria
Deal News | Feb 11, 2025 | EIN
The convenience store industry experienced a wave of consolidation in 2024, with significant mergers and acquisitions reshaping the market landscape. This trend has been characterized by large-scale deals, such as Nouria's acquisition of Enmarket, which is expected to boost its regional presence and expand its store count. Additionally, Maverik's completed acquisition of Kum & Go increased its store network considerably. Experts like Matt Riezman from NexChapter and reports from Capstone Partners highlight this trend as pivotal for enhancing scalability and operations. This consolidation wave is driven by the need to compete with other industries like quick-service restaurants and drugstores. While large players continue to dominate, the market remains fragmented, with independent operators accounting for a significant portion of the industry. Private equity firms are also keen on capturing opportunities within the c-store sector, although interest might decline as major players increase absorption of valuable acquisition targets. Smaller operators are encouraged to capitalize on unique advantages within their niche and invest selectively in technology to amplify their strengths. A few notable deals include Couche-Tard's bid for 7-Eleven, which has yet to finalize, and its agreement to acquire GetGo Caf + Market. Couche-Tard's ongoing strategy signifies the relentless drive for consolidation, shaping future industry dynamics.
Sectors
- Convenience Stores
- Private Equity
- Retail
Geography
- United States – The majority of the consolidation activities and acquisitions discussed occur in the U.S. market.
- Japan – Seven & i Holdings is a Japanese company involved in acquisition talks in the article.
Industry
- Convenience Stores – The article focuses on the convenience store industry, undergoing significant consolidation activities through mergers and acquisitions.
- Private Equity – Private equity firms are actively participating in the consolidation trend within the convenience store industry.
- Retail – The article discusses strategies and competitive dynamics within various retail sectors, including convenience stores and quick-service restaurants.
Financials
- $1.145 billion – The value of the acquisition deal between Casey's and Fikes Wholesale for CEFCO Convenience Stores.
- $39 billion – The initial bid from Alimentation Couche-Tard to acquire Seven & i Holdings, which was later increased.
- $47 billion – The increased bid from Alimentation Couche-Tard to acquire Seven & i Holdings.
- $58 billion – The non-binding offer from Ito-Kogyo to take Seven & i Holdings private.
- $1.6 billion – The deal value for Couche-Tard's acquisition of GetGo Caf + Market.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Nouria | Acquirer | Company | A c-store chain based in Worcester, Mass., actively expanding through acquisitions. |
| Enmarket | Target | Company | A c-store chain positioned as a key acquisition target for Nouria. |
| Maverik | Acquirer | Company | A convenience store company that acquired Kum & Go. |
| Kum & Go | Target | Company | A convenience store chain acquired by Maverik. |
| Alimentation Couche-Tard | Bidding Company | Company | A Canadian multinational operator of convenience stores that proposed to acquire 7-Eleven. |
| Seven & i Holdings | Target | Company | The Japanese parent company of 7-Eleven involved in acquisition proposals. |
| Capstone Partners | Advisory | Company | A mid-market investment banking firm that reported on the c-store industry acquisitions. |
| Ito-Kogyo | Bidding Company | Company | A company with a non-binding offer to acquire Seven & i Holdings, linked to its vice president Junro Ito. |
| Caseys | Acquirer | Company | The acquiring company of Fikes Wholesale and CEFCO convenience stores. |
| CEFCO Convenience Stores | Target | Company | Owned by Fikes Wholesale, acquired by Casey's. |