Topaz’s Canadian owner buys up US forecourt chain CST Brands
The Canadian firm that last year bought out forecourt operator Topaz last year, has continued to expand in other markets, most recently with a multi-billion dollar deal expanding its foothold in the USA.
23 August 2016 | 0
The Canadian company that recently bought out the entire Topaz network in Ireland has continued its expansion in other markets, with the acquisition of petral station chain CST Brands in the USA in a deal worth almost $4bn (€3.5bn).
As part of the deal, Alimentation Couche-Tard’s biggest-ever acquisition will improve its foothold in the USA. Thousands of locaations in Texas, New York and the south-eastern USA will come under the company’s control. As well as being the company’s biggest ever expansion deal, it is the fourth one this past year alone, after the $2.8bn Topaz deal in February, the $1.7bn Dansk-Shell deal three months later and the previous acquisition of convenience store chain The Pantry Inc.
“With this transaction we will strategically strengthen our position in both the ‘Sun Belt’ and the east coast of North America,” Brian Hannasch, chief executive officer of Couche-Tard, said in a statement. CST’s network is in good shape, he said, and will likely require less investment than The Pantry did.