July 10, 2017 09:48 PM
Montreal-based Couche-Tard will acquire Holiday Stationstores, Inc., a Minnesota company founded by the Erickson family in 1928.
The Canadian company said in a release it will acquire all issued and outstanding shares of Holiday and certain affiliated companies. Bloomington-based Holiday operates 522 company or franchise locations in 10 states, including Alaska.
Couche-Tard isn't disclosing the purchase price, citing a confidentiality agreement between the two companies. It says it intends to continue operating the Holiday stores out of the Bloomington headquarters.
The transaction, subject to regulatory approvals, is scheduled to close in the fourth quarter of Couche-Tard's 2018 fiscal year, the release says. Couche-Tard said the acquisition is expected to generate annual earnings between $180 million and $190 million before taxes, interest and depreciation.
Holiday Companies was listed as number 133 on the 2016 Forbes ranking of America's largest private companies. The company had $3.2 billion in 2016 revenue, according to Forbes.
Couche-Tard, the parent company of Circle K, says it's the largest independent convenience store operator in terms of company-operated stores. Its network includes 9,500 stores in North America and 2,766 across Europe.
"We are pleased to entrust Couche-Tard with carrying forward the Holiday brand and our highly successful programs," said Ronald Erickson, Holiday's chairman and CEO. "Our 90-year history and our promising future are being placed into excellent hands."
Updated: July 10, 2017 09:48 PM
Created: July 10, 2017 09:12 PM
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