speedway

Marathon Petroleum Hungry For Acquisitions

Following its separation from Marathon Oil Corp., Marathon Petroleum is now preparing to grow its Speedway brand.  Marathon Petroleum Corp., which spun off from Marathon Oil Corp. last month, is searching for acquisitions and seeking assets that meld with its strategy of refining oil and distributing the fuels produced, Reuters reported. “We have an appetite

7-Eleven Buys 183 ExxonMobil Locations in Florida

7-Eleven Inc. has agreed to acquire ExxonMobil’s retail interests in 183 Florida sites. Included in the acquisition is a combination of company- and dealer-operated sites located in Orlando, Southwest Florida, Palm Beach and Broward County.  The 183 sites include five unused parcels of land.  The majority of locations will be rebranded as 7-Eleven operations, and

Casey’s Completes Short Stop Acquisition

Ankeny, Iowa-based Casey’s General Stores Inc. has completed the acquisition of six convenience stores in Iowa owned by J.D. Carpenter Companies Inc. The stores operate under the Short Stop banner and are expected to be immediately rebranded to Casey’s. “After approaching Short Stop nearly three months ago, we were pleased with how smoothly the process

Casey’s to Acquire On The Way Locations

Casey’s General Stores Inc. has entered into an agreement to purchase up to 19 convenience stores in Illinois owned by Harper Oil Co. Inc. The stores are currently operated under the “On The Way” banner and will be rebranded to Casey’s. Harper, which owns other On The Way stores, plans to continue to operate its

Couche-Tard Acquires 12 Stores in Indiana

Alimentation Couche-Tard Inc., through its wholly-owned indirect subsidiary, Mac’s Convenience Stores LLC, is set to acquire 12 stores in the Indianapolis, Ind., area from Crystal Flash Petroleum LLC, which operates under the “Crystal Flash” banner. The transaction is anticipated to close in September 2010 and is subject to standard regulatory approvals and closing conditions. According

Third Party Bids For Casey’s

Couche-Tard has some competition in its quest to acquire Casey’s General Stores Inc. Casey’s announced that it has received a preliminary proposal from a strategic third party regarding a consensual transaction at $40 per share in cash. Casey’s General Stores Inc.’s Board of Directors today, Sept. 7,  unanimously recommended against Alimentation Couche-Tard Inc.’s revised tender

Hess Corp. to Acquire American Oil & Gas Inc.

Hess Corp. is set to acquire American Oil & Gas Inc., a move that is expected to increase Hess’ strategic acreage position in the Bakken oil play in North Dakota by approximately 85,000 net acres. “This acquisition builds upon our strong land position in the Bakken, leverages our nearby infrastructure and offers operational synergies,” said

Pilot Flying J Gets Down To Business

Just two days after Pilot won Federal Trade Commission approval to acquire rival Flying Jay on Wednesday, the company, now called Pilot Flying J, isn’t wasting anytime getting busy with acquisitions, divestments and restaurant plans. As of today, Pilot Flying J-an entity of more than 550 interstate travel centers and travel plazas in 43 states

Couche-Tard Versus Iowa

Alimentation Couche-Tard plans to challenges the constitutionality of several Iowa anti-takeover laws as part of the company’s hostile bid to purchase Casey’s General Stores, the Des Moines Register reported. Couche-Tard, which operates 5,883 convenience stores in the U.S. and Canada, filed court papers late last week alleging that three Iowa statutes contradict U.S. law, creating

Couche-Tard Takes Hostile Bid to Casey’s Shareholders

By John Lofstock, Editor Under CEO Alain Bouchard, Alimentation Couche-Tard has grown to be one of the largest convenience store operators in world. The Laval, Quebec-based chain today took its boldest step to date when it commenced an all-cash offer to acquire Casey’s General Stores, the Iowa chain currently operating 1,513 stores throughout the Midwest.

Casey’s Uses Poison Pill Defense

Canadian c-store giant Alimentation Couche-Tard is calling on Casey’s General Stores to discuss its bid, as the Iowa-based chain moves to instead thwart the hostile acquisition, the Globe and Mail reported. “A meeting would be more productive than putting roadblocks, like a poison pill, in the path of our compelling proposal,” Couche-Tard said in a statement.

Kum & Go Acquires Two Sinclair Stores

Kum & Go L.C., has acquired two Sinclair fuel stations-one in Boulder, Colo., and one in Omaha, Neb. This marks Kum & Go’s first store in Boulder and its 19th store in the Omaha area. “The company is ecstatic to open our first store in Boulder,” said Kyle Krause, president and CEO of Kum &

Florida Holdings Acquires 24 BP Stations

Scottsdale-based Florida Oil Holdings LLC bought 24 BP locations in Florida’s Lake, Orange and Osceola counties between March 8-11 for $33.5 million, marking its entry into the Central Florida market, the Orlando Business Journal reported. The stations were purchased in separate transactions under different business entity names. In acquiring the stores, the firm signed a

Law Office Conducts Investigation On Behalf of Casey’s Shareholders

The Law Offices of Howard G. Smith announced it is looking into potential claims against the board of directors of Casey’s General Stores Inc. related to the unsolicited purchase offer the company received from Alimentation Couche-Tard Inc. Couche-Tard is looking to acquire all outstanding shares of Casey’s for $36 per share in cash. The proposed

Walgreens Finalizes Duane Reade Acquisition

Walgreen Co. has completed the acquisition of Duane Reade Holdings Inc. The transaction includes all 258 Duane Reade stores in the New York City metropolitan area, as well as Duane Reade’s corporate office and two distribution centers. “Just as Walgreens has been a trusted community pharmacy for more than 100 years, we plan for Duane

Walgreens Moves Forward With Duane Reade Acquisition

Walgreen Co. has received the regulatory clearance from the U.S. Federal Trade Commission needed to complete the acquisition of Duane Reade Holdings Inc. “We’re clear to move forward and complete the Duane Reade acquisition, which will immediately give Walgreens a leading position in the nation’s largest drugstore market,” said Walgreens president and CEO Greg Wasson.

7-Eleven Expands in Central Florida

Dallas-based 7-Eleven Inc.’s plans to expand in Central Florida already are underway with one new franchisee open in DeLand, Fla., and five more Florida stores in the works for 2010. The chain aims to open or convert 45 local stores by 2012, the Orlando Business Journal reported. The first of the five are opening soon.

Casey’s Earnings Increase 23%

Casey’s General Stores Inc. reported $0.34 in basic earnings per share for the third quarter of fiscal 2010 ended Jan. 31, 2010, compared to $0.28 for the same quarter a year ago. Year to date, basic earnings per share were $1.87 versus $1.38 for the same period last year. “The acquisition environment has become more

Growth, Innovation Propel Kum & Go

It’s been an eventful five decades for Kum & Go, which celebrated its 50th anniversary this year. Entrepreneurs W.A. Krause and T.S. Gentle founded Kum & Go in 1959 under the original name of the Hampton Oil Co., which later changed to Krause Gentle Corp. In the 1970s, the co-founders wanted a name that would

Riding the Hess Express

The first Hess gas station was opened in 1960, and the first Hess Express opened in 1997 in Daytona Beach, Fla. Hess Express was named Chain of the Year nine years ago amidst its aggressive southern retail expansion. “When we were recognized with the Chain of the Year award in 2000, we had about 900

NAG: Back by Popular Demand

When we purchased CONVENIENCE STORE DECISIONS nearly two years ago, we heard a constantly recurring question: “When are you going to revitalize the National Advisory Group (NAG)?” With the acquisition we had a lot on our plate, but we were always looking at NAG. We examined carefully why NAG withered, and what was the proper

MAPCO Express Rolls On

While many chains are still feeling the crunch from the current economic recession, others are seeing opportunity. Count MAPCO Express among the companies waiting to pounce. MAPCO Express, a subsidiary of Delek US Holdings, has a long history in convenience retailing. It continues rolling out an upscale convenience store concept, branded MAPCO Mart, and is

Casey’s Intros New Store

In keeping with a plan outlined in 2008, Ankeny, Iowa-based Casey’s General Stores is rolling out expanded store designs. Casey’s executives said that roughly six stores with the new design are open or nearing completion, and the company hopes to finish a total of 20 by the end of April. The new ‘O’ floor plan

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