The transaction will add 270 highly
desirable locations to its North American network
LAVAL,
QC, Aug. 19, 2024 /CNW/ - Alimentation
Couche-Tard Inc. ("Couche-Tard" or the "Corporation")
(TSX: ATD), a global leader in convenience and mobility, today
announced it has reached a definitive agreement to acquire GetGo
Café +Markets ("GetGo") from supermarket retailer Giant Eagle,
Inc.
GetGo, an innovative, food-first convenience store experience,
employs approximately 3,500 employees and operates approximately
270 convenience retail and fueling locations across Pennsylvania, Ohio, West
Virginia, Maryland and
Indiana. GetGo has a variety of
models – from open-concept stores to stand-alone kiosks and
features an extensive menu of high-quality, made-to-order foods. As
part of this transaction, Couche-Tard and Giant Eagle have agreed
to maintain and partner together on Giant Eagle's widely popular
myPerks loyalty program.
"We are excited to welcome GetGo into the Couche-Tard family. As
we learn more about the GetGo business, it is clear that it
has built a strong and passionate customer base with high quality
stores staffed by talented and engaged teams working to deliver a
great experience. We have deep respect for its management and
people as well as its outstanding food and loyalty programs. We
look forward to growing together as we learn from and continue
GetGo's innovative approaches to serving its local customers and
communities," said Brian Hannasch,
President and Chief Executive Officer of Couche-Tard.
"We are energized by the potential for both Giant Eagle and
GetGo as a result of this transaction," added Bill Artman, Chief Executive Officer of Giant
Eagle. "This enhances our focus on our core supermarket and
pharmacy businesses, strengthening Giant Eagle and better enabling
us to make strategic investments in our people, stores, and value
proposition while matching GetGo with the perfect partner in
Couche-Tard. Their depth of experience in convenience stores and
fuel will create tremendous opportunities for our team members and
customers, and we look forward to partnering with them on the
myPerks loyalty program."
The acquisition is expected to close in calendar year 2025
subject to standard regulatory approval and closing conditions and
will be financed using the company's available cash and/or existing
credit facilities, including its U.S. Commercial Paper Program. The
companies are not disclosing the financial terms of the
transaction.
About Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and mobility,
operating in 31 countries and territories, with more than 16,700
stores, of which approximately 13,100 offer road transportation
fuel. With its well-known Couche-Tard and Circle K banners, it is
one of the largest independent convenience store operators in
the United States and it is a
leader in the convenience store industry and road transportation
fuel retail in Canada,
Scandinavia, the Baltics, Belgium,
as well as in Ireland. It also has
an important presence in Luxembourg, Germany, the
Netherlands, Poland, as
well as in Hong Kong Special Administrative Region of People's Republic of China. Approximately
149,000 people are employed throughout its network.
For more information on Alimentation Couche-Tard Inc., or to
consult its audited annual Consolidated Financial Statements,
unaudited interim condensed consolidated financial statements and
Management Discussion and Analysis, please visit:
https://corpo.couche-tard.com
For more information on Giant Eagle, please visit:
https://www.gianteagle.com/
For more information on GetGo, please visit:
https://www.getgocafe.com/
Forward-Looking Statements
Certain statements in this press release may constitute forward
looking statements within the meaning of securities legislation,
including those with respect to the closing and the anticipated
benefits of the repurchase transaction. Positive or negative verbs
such as "believe", "can", "shall", "intend", "expect", "estimate",
"assume" and other related expressions are used to identify such
statements. Such statements are based upon the current beliefs and
expectations of Couche-Tard and are subject to significant risks
and uncertainties outside of Couche-Tard's control. Couche-Tard
would like to point out that, by their very nature, forward-looking
statements involve risks and uncertainties such that its results,
or the measures it adopts, could differ materially from those
indicated in or underlying these statements, or could have an
impact on the degree of realization of a particular projection.
Unless otherwise required by applicable securities laws,
Couche-Tard disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The forward-looking
information in this release is based on information available as of
the date of the release.
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SOURCE Alimentation Couche-Tard Inc.