MONTREAL – Alimentation Couche-Tard Inc. founder Alain Bouchard is handing the chief executive torch to chief operating officer Brian Hannasch after turning a tiny Quebec convenience store operation into a powerhouse of global retailing.
Both the timing of the transition and the selection of Mr. Hannasch were expected as the American was widely seen as the heir apparent. Mr. Bouchard, who will become executive chairman, said last year that the company had a clear succession plan in place and that he would be switching roles as part of the change.
MONTREAL — It’s a little known fact about Alimentation Couche-Tard Inc. founder Alain Bouchard that he played drums in a teenage rock band covering Beatles and Rolling Stones hits. Less surprising may be that the budding entrepreneur paid for the band’s equipment himself — and was slowly reimbursed from the money they earned performing.
Canada’s convenience store king calls those his “rebellious” days, a period that came after the years of hardship his family endured when his father lost his income.
MONTREAL • Corporate Quebec has shown no qualms in recent years tapping American executive talent to run its cherished enterprises. Tennessee native Hunter Harrison steered Canadian National Railway Co. Washington State-raised Robert Card was brought in to repair SNC-Lavalin Group Inc.
MONTREAL • Canadian convenience store chain Alimentation Couche-Tard Inc. has been approached by investment bankers to bid for a minority stake in China’s Sinopec Sales, the biggest fuel retail network in the world.
But whether it pulls the trigger and makes a binding offer for the estimated US$16-billion asset is another question entirely.
Couche-Tard shares soared to a 52-week high of $31.95 on the news Tuesday but later retreated as investors re-evaluated the odds of a deal.
Part two of the public refinancing of the debt package put in place last year to allow Quebec-based Alimentation Couche-Tard to outlay US$2.8-billion to purchase Norway’s Statoil Fuel & Retail ASA played out Thursday.
The Pantry Inc (NASDAQ: PTRY) announced today that it has reached a deal to be acquired by Canadian chain store operator Alimentation Couche-Tard Inc (OTCMKTS:ANCUF) for close to $1.7 billion, including debt. Couche-Tard will reportedly pay Pantry shareholders $36.75 per share as per the terms of the buyout deal, valuing the US convenience store chain operator at just over $860 million. The company’s shares are up almost 3% in afternoon trading.
Alimentation Couche-Tard Inc. has never been a company to shy away from acquisitions, as its purchase of the Circle K chain in 2003, Statoil Fuel & Retail in 2012, and the unsuccessful bid for Casey’s General Stores in 2010 demonstrate.
But rather than look for deals in the U.S. market, the convenience store and gas station operator may pursue opportunities in Canada and Europe.
MONTREAL — Supermarket chain Metro Inc. is selling nearly half of its 25-year investment in convenience store operator Alimentation Couche-Tard to three Canadian banks for $479-million.
The Montreal-based company announced Tuesday that it has agreed to sell 10 million Class B subordinate voting shares to BMO Nesbitt Burns, National Bank Financial and TD Securities for $47.90 per share.
The sale to be completed within three days represents about 7.2% of Couche-Tard’s (TSX:ATD.B) outstanding B shares, which closed down 30 cents to $48.98 in Tuesday trading.
MONTREAL — Metro Inc. is launching a share buy back program in the wake of selling a large stake in its 25-year investment in Alimentation Couche-Tard.
The grocer says it intends to buy up to 2 million common shares from arm’s-length, third-party sellers at a discount to the market price at the time it buys the stock.
There has been speculation over how Metro would use the estimated $380-million in net proceeds from the sale of nearly half its stake in convenience store operator Couche-Tard.