The past 365 days for convenience retailers have been dominated by mergers and acquisitions, continuing a trend of intense industry consolidation that seems to be gaining steam year after year.
Retailers of all sizes continue to face supply chain, labor and financial headwinds brought on by the COVID-19 pandemic and a subsequent period of high inflation. Although some companies are recovering, others haven’t been as lucky. Many have left the c-store business as a result.
While c-store M&A occurred regularly in 2024, only a handful of deals surpassed 100 locations. Some of these came from major players seeking unprecedented growth. Others were from more surprising operators bursting onto the scene.
These were the biggest c-store acquisitions of 2024.
Couche-Tard goes all-in on food and loyalty via GetGo
The same day it announced it was looking to buy 7-Eleven’s parent company Seven & i Holdings, Alimentation Couche-Tard — owner of Circle K convenience stores — also revealed its agreement to buy GetGo Café + Markets, the convenience store arm of supermarket chain Giant Eagle.
The $1.6 billion deal, which is expected to close in 2025, was not only Couche-Tard’s biggest acquisition domestically since 2023, but was also the largest deal the convenience store industry saw in 2024. It includes all of GetGo’s 270 convenience stores located across Pennsylvania, Ohio, West Virginia, Maryland and Indiana.
It’s unclear if Couche-Tard intends to eventually turn GetGo’s c-stores into Circle K locations. But for now, it appears the Canadian retailer is intent on keeping GetGo’s operations running steadily as it pursues what Couche-Tard CEO Alex Miller has called a “forward partnership” between the two companies. That partnership will see Couche-Tard gain further expertise in foodservice and loyalty while GetGo benefits from Couche-Tard’s procurement, fuel and merchandising operations.
FEMSA splashes into the U.S.
Mexican retailer and bottling company Fomento Económico Mexicano S.A.B. de C.V. (FEMSA), owner of Latin American c-store giant Oxxo, agreed to acquire Delek US Holdings 249 convenience stores for $385 million back in August.
The deal, which closed on Oct. 1, included Delek’s entire network of convenience stores located across Texas, New Mexico and Arkansas. It not only marked Delek’s exit from the c-store business, but also FEMSA’s long-awaited arrival in the U.S., which had been in the works for several years.
FEMSA plans to rebrand these locations from Delek’s DK banner to Oxxo, Constantino Spas, CEO of FEMSA’s Americas and Mobility division, said in a previous interview with C-Store Dive. However, this transition will occur slowly, as FEMSA first needs to lay the groundwork in becoming relevant in the U.S. and introduce the Oxxo brand to consumers, Spas said.
7-Eleven takes full control of Stripes
7-Eleven kicked off 2024 with a bang when it agreed to acquire 204 Stripes convenience stores across Texas, New Mexico and Oklahoma from Sunoco for about $1 billion back in January. The deal, which closed in April, cemented 7-Eleven’s full ownership of both the Stripes and Laredo Taco brands, which it had partially controlled since 2017.
This marked 7-Eleven’s largest acquisition since it bought 3,800 Speedway stores across 36 states in 2021.
Casey’s expands down South
Casey’s General Stores announced in July that it had agreed to acquire Fikes Wholesale, parent company of well-known Southern retailer CEFCO Convenience Stores, for over $1.1 billion — the largest acquisition in company history.
The purchase, which closed in November, added 198 c-stores across Texas, Alabama, Mississippi and Florida to Casey’s network and introduced the Iowa-based company to the latter three of those states. About 148 of the stores are in Texas, while 27 are in Florida, 13 are in Alabama and 10 are in Mississippi.
When the deal was announced, Casey’s Chairman, President and CEO Darren Rebelez said the company intended to rebrand nearly all CEFCO locations. This month, he clarified that this process will take three to four years as Casey’s undergoes permitting processes and develops its integration strategy, including testing a dual foodservice program incorporating both brands’ menus.
H&S Energy doubles in size
In March, H&S Energy, which at the time operated around 160 convenience stores in California, doubled in size when it acquired Andretti Petroleum Group’s 170 convenience retail sites and gas stations across not only California, but Oregon and Washington state as well.
The deal came just a few months after H&S shared plans to reach 400 locations in the coming years. The company’s 300-plus convenience stores now operate under its own Power Market banner and Andretti’s Pinnacle 365 branding.
Nouria buys out Enmarket
In October, New England convenience retailer Nouria Energy agreed to acquire Southeastern operator Enmarket from Savanna, Georgia-based Colonial Group.
The move included Enmarket’s entire network of 132 convenience stores and 26 car washes across Georgia, South Carolina and North Carolina. Nouria, which operates about 170 convenience stores and 61 car washes across New England, will nearly double its footprint and reach three new states — and an entirely new part of the country — once the deal closes.
It’s unclear if Nouria intends to rebrand Enmarket’s locations to its own banner, but for now all Enmarket stores will remain operational, both companies said at the time.
