Convenience store chain Alimentation Couche-Tard Inc. said Friday it has acquired 92 more Dairy Mart stores in the midwestern United States for $3.2-million (U.S.).
That brings the Quebec-based Dairy Mart total to about 350 after the August 2002 acquisition of Dairy Mart Convenience Stores Inc.
The 2002 deal covered 287 stores and a one-year management contract for the network's other 169 stores. Since that transaction, Couche-Tard has closed or sold 50 stores and acquired 27 with renegotiated leases.
Couche-Tard said it will transfer 23 to the Mac's banner at a later date, 48 will operate under a franchise formula and 21 will be sold or closed.
The latest transaction is expected to add $22-million in sales revenue and 20 million gallons in gasoline sales.
Alimentation Couche-Tard is the seventh-largest convenience retailer in North America. It has 2,415 convenience stores, including 958 selling gasoline, and employs 18,300 people.
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