Irving, Couche-Tard ink deal for Northeast c-stores

摘要

Canadian c-store giant Alimentation Couche-Tard says it is expanding its partnership with Irving Oil to include 252 Irving retail sites in New England and Atlantic Canada. The deal means that Couche-Tard will enter U.S. markets in the Northeast for the first time, says a company official. Couche-Tard and Irving, also based in Canada, first joined forces seven years ago, forming a convenience retail partnership in Quebec province. Their relationship has proven to be "beneficial" to both companies, said Brian Hannasch, Couche-Tard senior VP of U.S. operations. The new deal allows Couche-Tard to enter the Northeast and Atlantic Canada "with one of the most well recognized fuel brands and strongest retail networks in this geography," he said. The New England portion of the agreement involves 124 sites in Maine, New Hampshire, Massachusetts and Vermont. The expanded agreement allows Irving to retain ownership of the stores, while Couche-Tard leases the properties at market value for the next 20 years. In addition, Couche-Tard would buy the store equipment and inventories by using internal available cash dollars.