M&A
Alimentation Couche-Tard has agreed to acquire 52 retail sites in Canada from Irving Oil for an undisclosed amount. The transaction includes 50 retail sites in Québec and two in Pembroke and Cornwall, Ontario. The Québec locations were part of the Québec Alliance, a partnership between Irving Oil and Couche-Tard established over two decades ago. The deal also includes 18 cardlock sites, 16 in Québec and two in Ontario, with existing Irving Oil fleet customers to be served under a long-term agreement. The agreement follows Couche-Tard's recent move to purchase a controlling interest in Żabka Group. An estimated closing date was not disclosed.
Family Express has agreed to acquire Leo's Market & Eatery's six convenience stores with fuel in the Indianapolis and Lafayette areas for an undisclosed amount. Leo's will retain its fuel-less store in McCordsville and supply branded foodservice products to Family Express's roughly 90 Indiana stores. Family Express plans to rebrand the acquired locations but continue selling Leo's kolaches, sandwiches, salads, and other prepared foods, introducing them across its network. The deal supports Family Express's $100 million investment in new store development and allows Leo's to focus on expanding its food program and commissary operations and developing its fuel-less Leo's Eatery concept. The deal is expected to close later this fall.
Casey’s General Stores has agreed to acquire select assets of Oklahoma-based convenience retailer and fuel distributor ASAP Energy, including 20 convenience stores in Oklahoma, along with its wholesale and commercial fuels and lubricants businesses. The deal marks Casey’s second purchase of 20 or more convenience stores this summer as it aims to add at least 400 locations over the next three years. The acquisition expands Casey’s footprint in Oklahoma, where it had nearly 150 locations as of this summer, and excludes ASAP’s Lucille's Hotel, Lucille's Restaurants, Ricks Boots and Outfitters, and Centurion Land Development arm. ASAP, founded in 1979, is the latest independent retailer to exit the industry amid economic headwinds.
LV Petroleum acquired two TA Express travel centers in Rosenberg, Texas, and South Coffeyville, Oklahoma, the company announced last week. The Rosenberg location opened on Aug. 11 and the South Coffeyville site was acquired on Aug. 25; purchase prices were not disclosed. The deals follow LV opening its first Bojangles in Arizona and a new Sbarro in Hillsboro, Texas, and its 12th Bojangles in Las Vegas in August. Las Vegas-based LV operates more than 90 travel centers and 30 convenience stores, and aims to operate 100 travel centers.
Shell announced on Tuesday that it has reached an agreement to acquire all equity in Tri Star Energy, a convenience store operator in the southeastern United States, increasing its stake from 33% to 100%. Upon completion of the transaction, Shell will own 320 company-operated sites in Tennessee and surrounding areas, and will have supply agreements with 552 dealer-owned sites, nearly doubling its number of company-operated convenience stores in the U.S. This marks the largest merger and acquisition in the U.S. convenience store industry since 2026. Shell previously held one-third of Tri Star's shares, and this transition from a minority shareholder to a full owner signals strong confidence in Tri Star and the prospects of the U.S. convenience store industry. Tri Star operates brands such as Twice Daily, Sudden Service, and Little General, as well as White Bison Coffee, an in-store coffee concept at Twice Daily. Analysts believe Shell's move aims to strengthen its food service capabilities to compete with fast-food chains and deepen its relationship with consumers.
Shell announced it will acquire the remaining 67% of Tri Star Energy, a Southeastern convenience store retailer, bringing its ownership to 100%. The deal includes 320 company-operated fuel and convenience sites and supply agreements with 552 dealer-owned locations, significantly boosting Shell's US company-owned retail presence. The transaction is expected to close by end of 2026.
Casey's General Stores announced the acquisition of 24 stores from Texas convenience store chain Pak-A-Sak, with the transaction amount undisclosed. Most of the stores are located in the Amarillo area, and the deal is expected to absorb Pak-A-Sak employees. This acquisition is Casey's latest expansion move in Texas, following multiple acquisitions since entering the state in late 2023.
Arko Petroleum announced it will acquire U.S. Petroleum Partners (USPP) for $205 million in cash plus inventory costs. USPP distributes approximately 280 million gallons of fuel annually, serves over 400 wholesale points, and owns two fuel terminals and transportation assets. The transaction is expected to close this year and will significantly expand Arko Petroleum's wholesale scale.
Sunoco revealed on its second quarter 2026 earnings call that its bolt-on acquisition scale will exceed the $500 million target set at the beginning of the year. The company reported net income of $283 million and adjusted EBITDA of $996 million. Management stated that strong first-half results provided additional cash flow to support more M&A deals.
Couche-Tard plans to acquire Polish convenience store chain Żabka for $8.6 billion. If the deal is completed, Żabka's 13,000 stores will significantly strengthen its presence in Europe, while its mature food service, private label, digital operations, and supply chain systems could become key assets for Couche-Tard in advancing its "Core + More" strategy.