Dive Brief:
- SQRL Holdings has acquired 210 c-stores, expanding the convenience retailer’s footprint to more than 350 stores in 14 states, according to an emailed announcement from the company.
- While the company disclosed that all 210 stores came from a single seller, it did not reveal either who it acquired the stores from or the transaction price in this move that nearly triples its size.
- This marks one of the larger c-store M&A deals of 2023. It trails BP’s 281-location acquisition of TravelCenter of America, Majors Management and Alimentation Couche-Tard splitting up more than 300 Mapco stores and Kum & Go merging with Maverik.
Dive Insight:
Acquisition is a primary driver for SQRL. According to the announcement, the company “takes proven locations and makes them even better by putting quality service and offerings at the forefront.”
SQRL now has locations in Alabama, Arkansas, Florida, Kansas, Louisiana, Mississippi, Missouri, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas and Wisconsin. Four of those states — Louisiana, Ohio, Oklahoma and Pennsylvania — were not yet listed on the company’s website, suggesting they’re new areas the acquisition opened up for SQRL.
“Our new stores will be seamlessly integrated into SQRL’s existing infrastructure, ensuring a smooth transition to service our customers,” said Blake Smith, founder of SQRL, in the announcement.
The company said it incorporates “a variety food offerings” at its locations. According to the website, it also strives to reduce its carbon footprint, including using environmentally friendly materials and installing solar panels to help power stores.
SQRL stands for stewardship, quality, relationships and loyalty.
