Petro-T will retain ownership of the properties and Couche-Tard would lease the properties at market value for the next 40 years
Canadian convenience store and gas station operator Alimentation Couche-Tard has signed, through a subsidiary, an agreement to acquire 13 Petro-T stores in the Canadian province of Quebec from Exploitation Quali-T, which is part of Group Therrien.
Exploitation Quali-T will retain ownership of the properties and Couche-Tard would lease the properties at market value for the next 40 years, and buy the store equipment and inventories by using internal available cash. According to a confidentiality agreement between the parties, the purchase price cannot be disclosed at this time.
Pursuant to the agreement, the stores will be operated under the Couche-Tard brand and the motor fuel brands will remain unchanged. It is expected that the average store earnings before interest and taxes would be aligned with Couche-Tard’s company-operated store performance.
Michel Bernard, vice president operations for eastern Canada at Alimentation Couche-Tard, said: These 13 stores are located on visible and well-traveled roads and occupy strategic locations within their respective trade areas. This acquisition is fit with our network and complements our expansion and growth plans for the eastern Canada division.