- Convenience-store M&A accelerated in 2025 with mega-deals like Couche-Tard’s $1.6B purchase of ~270 GetGo sites and Sunoco’s $9.1B acquisition of Parkland’s U.S. stores.
- The FTC is shaping deal structure, including requiring Couche-Tard to divest 35 stations to clear the GetGo transaction.
- Regional chains are still rolling up smaller clusters of stores, and consolidation is expected to continue as most operators remain tiny and foodservice drives margins.
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The convenience store sector is undergoing a significant transformation. In 2025, major players executed expansive deals that redefined market footprints. Alimentation Couche-Tard (ACC), via its Circle K brand, closed its landmark acquisition of Giant Eagle’s GetGo Café + Market chain—approximately 270 stores across Pennsylvania, Ohio, West Virginia, Maryland, and Indiana—in a transaction valued at about $1.6 billion. At nearly the same scale, Sunoco acquired Parkland Corp. for $9.1 billion in October, adding nearly 699 U.S. company-operated c-stores to its network. These transactions represent a shift toward large portfolio deals among big chains. Simultaneously, companies like Casey’s, Mega Saver, and Anabi are pursuing regional consolidation through smaller, targeted roll-ups.
Regulatory oversight has emerged as a critical consideration—particularly from the Federal Trade Commission. As part of the ACC-GetGo transaction, ACC agreed to divest 35 gas stations to Majors Management, LLC, to address competition concerns in Indiana, Ohio, and Pennsylvania. Additionally, past discussions of ACC’s bid for 7-Eleven’s parent, Seven & i Holdings, have drawn early indications of FTC concern. These signal that while large deals are possible, their execution must align with antitrust risk mitigation strategies.
Economic and demographic dynamics are reinforcing acquisition activity across the spectrum. Rural and underserved communities—where grocery stores are sparse—are disproportionately affected by consolidation; convenience stores play critical roles in food access, fuel, and basic staples. Also, higher interest rates have not deterred deals; in many cases, acquirers are using cash or stable financial structures to absorb smaller operators. Meanwhile, foodservice is increasingly central to the value equation—paths to revenue enhancement now often go beyond fuel markups into prepared food, loyalty programs, and ancillary services.
Looking ahead, strategic implications point to further consolidation, especially among operators with strong execution capabilities in real estate, logistics, and food operations. Open questions include how regulatory bodies will treat future large deals, whether independent single-store operators can remain viable, and how rising consumer expectations—especially around food quality, cleanliness, and services like electric vehicle charging—might bifurcate winners from laggards.
Supporting Notes
- ACC’s $1.6B acquisition of 270 GetGo and WetGo locations from Giant Eagle closed in June 2025; ACC needed to divest 35 outlets to win FTC approval.
- Sunoco acquired Parkland Corporation in October 2025 for $9.1B, adding hundreds of U.S. company-operated stores, dramatically expanding its footprint.
- In late 2024, Casey’s acquired Fikes Wholesale/CEFCO chain: 198 stores (148 in Texas, 50 in Alabama, Florida, Mississippi) for $1.145B (net after tax ~$980M), bringing its store count to nearly 2,900.
- Smaller deals: Casey’s bought 8 Maverik stores in Michigan in October 2025; Mega Saver acquired 23 stores from Maverik; Anabi Oil added 87 Green Valley Grocery stores; and dozens of other regional roll-ups.
- CoBank reports that in 2023, 80% of deals involved targets with fewer than 50 stores; in early 2024, 74% met that smaller-scale profile. Larger portfolio deals account for a rising share in late 2024 and 2025.
- Regulatory shift: FTC approved final consent order in November 2025 for ACC to divest 35 stations to Majors Management to resolve antitrust concerns.