The transaction will add 270 highly desirable locations to its North American network
LAVAL, QC, Aug. 19, 2024 /PRNewswire/ - 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/alimentation-couche-tard-to-acquire-getgo-cafe--market-stores-from-giant-eagle-302225298.html
SOURCE Alimentation Couche-Tard Inc.
