Convenience-store operator Couche-Tard has signed an agreement to acquire Ireland’s leading P&C retailer Topaz.
Topaz is made up of 464 stations across the island of Ireland, including its recently acquired Esso station network. Of these stations, Topaz owns 162 and dealers 302. The agreement also encompasses a commercial fuel operation, with more than 30 depots and two owned terminals.
The transaction is anticipated to close in the fourth quarter of Couche-Tard’s fiscal year 2016 and is subject to the usual regulatory approvals and closing conditions.
“Ireland has been on an extraordinary journey over the past decade,” Couche-Tard President and CEO Brian Hannasch said. “We’ve been looking at this market for several years. With the addition of Topaz, we would expand our geographic footprint into what, today, is one of Europe’s best performing economies.”
Couche-Tard Group President Europe Jacob Schram says Topaz would be a great strategic fit for Couche-Tard and would strengthen its position in western Europe.
“As part of the larger Couche-Tard merchant family, and with the strong, global Circle K brand in our portfolio, we’re well equipped to take on this significant market,” he said. “It has an extensive and attractive convenience and fuel network with good locations, quality forecourts and stores, an excellent food offering and very professional teams.”
This acquisition would position Couche-Tard as the leading convenience and fuel retailer in Ireland.