Latest news with #MikeMaraldo
Yahoo
01-07-2025
- Business
- Yahoo
Couche-Tard closes $1.6B GetGo acquisition
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Alimentation Couche-Tard has closed its $1.6 billion acquisition of GetGo Café + Markets, the convenience store arm of supermarket chain Giant Eagle, according to a joint announcement from both companies on Monday. Couche-Tard, the second-largest c-store chain in the U.S. with over 7,000 convenience stores across the country, is adding 270 more locations to its network in the deal. GetGo's stores are scattered across Pennsylvania, Ohio, West Virginia, Maryland and Indiana. As outlined last week when Couche-Tard sold 35 locations to Majors Management in order to meet the Federal Trade Commission's requirements to close the deal, GetGo will operate as a separate business unit led by Vice President of Operations Mike Maraldo. Couche-Tard will also continue operating GetGo's popular myPerks loyalty program, which it shares with Giant Eagle. 'GetGo has earned a passionate following in the communities it serves thanks to an amazing team delivering a best-in-class food offer, in-store experience and loyalty program,' Alex Miller, president and CEO of Couche-Tard, said in Monday's release. 'We look forward to investing in the brand, empowering its continued success, and collaborating closely with Giant Eagle to create even more value for the customers we serve together.' For Giant Eagle, selling GetGo is an opportunity for the supermarket chain to focus more on growing its grocery and pharmacy businesses, according to the announcement. Giant Eagle CEO Bill Artman called the deal 'an important moment' in the company's history. 'It is both a catalyst for investment into the communities we have served for more than 90 years and an assurance that one of the most valuable savings opportunities we provide to customers — our myPerks loyalty program — will remain with earning and redemption options at both Giant Eagle and GetGo,' Artman said. Couche-Tard's leadership has openly touted GetGo's foodservice capabilities as the driving force of the acquisition, and the Canadian retailer said on Monday that it plans to 'announce a series of initiatives aimed at expanding the offerings and value it delivers across the communities it serves' in the coming months. As of this month, Couche-Tard's proprietary Fresh Food, Fast program was available in nearly 6,200 Circle K c-stores globally. Its items include hot sandwiches and burgers, cold deli subs and wraps, pizza, hot snacks, baked goods and roller-grill dogs. Meanwhile, GetGo's menu features a variety of made-to-order wraps, sandwiches, salads and burgers, as well as chicken tenders and wings, burritos and even plant-based protein options. The company has also been at the forefront of adding drive-thrus to its convenience stores in recent years. Besides selling GetGo, Giant Eagle also recently closed on the sale of its wholesale motor fuels distribution business to Cary Oil, according to Monday's announcement. Recommended Reading Couche-Tard to divest 35 locations to Majors Management Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-06-2025
- Business
- Yahoo
Couche-Tard to divest 35 locations to Majors Management
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Alimentation Couche-Tard must divest 35 fuel locations to resolve antitrust concerns and close its $1.57 billion acquisition of GetGo Cafe + Market, the 270-location c-store arm of grocer Giant Eagle, the Federal Trade Commission announced on Thursday. Majors Management will acquire these locations, which are located across 35 markets in Indiana, Ohio, and Pennsylvania. This appears to be Majors' first foray into Indiana, although a company spokesperson did not respond by press time when asked to confirm this information. Once the deal closes, GetGo will operate as a separate business unit led by Vice President of Operations Mike Maraldo, who became the banner's top executive after former President Terri Micklin departed in the spring, according to an announcement from Couche-Tard. GetGo's senior operations leaders, management and functional support staff will remain at Giant Eagle's corporate campus in Cranberry Township, Pennsylvania once the deal closes.. In addition, GetGo's brand, programs and offers will continue, including the popular myPerks loyalty program that it shares with Giant Eagle. The deal is expected to close 'in the coming days,' Couche-Tard President and CEO Alex Miller said during the company's earnings call on Thursday. "GetGo has built an extraordinary brand on the strength of a best-in-class food program, an exceptional store experience and a compelling offer activated by an amazing team that is passionate about their customers and communities," Miller said in the company announcement. "We are very pleased to welcome them to the Couche-Tard team." Couche-Tard must divest the 35 stores within 20 days of closing the GetGo deal and cannot re-acquire any of the locations for 10 years, the FTC said. It must also let the FTC know before acquiring any 'competitively significant' stores in those parts of Indiana, Ohio and Pennsylvania for the next decade. The stores include 34 Circle K locations and one GetGo site. 'This anticompetitive acquisition threatened to make Americans pay more at the pump by raising fuel prices,' said Daniel Guarnera, director of the FTC's Bureau of Competition. 'The FTC's action today preserves competition between gas stations that is critical for keeping fuel prices in check. The FTC will keep a watchful eye on retail fuel markets to make sure American consumers can spend less on gas and keep more money in their pockets.' This isn't the first time Majors Management and Couche-Tard have worked together on getting a deal done. When Majors Management agreed to buy MAPCO in 2023, Couche-Tard bought 112 of the stores as part of the transaction. 'Majors is well-positioned to compete effectively and ensure that competition is fully maintained in the markets that would otherwise be impacted by ACT's proposed acquisition,' said FTC Commissioner Mark R. Meador in a statement. Once the GetGo deal is complete, Couche-Tard can turn its M&A team's full attention to its proposed Seven & i buyout. Miller said during the company's recent earnings call that a decision on if a deal can be reached may not take much longer. Recommended Reading Couche-Tard to acquire GetGo's 270 c-stores Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
26-06-2025
- Business
- Cision Canada
COUCHE-TARD RECEIVES FTC CLEARANCE TO COMPLETE ACQUISITION OF GETGO CAFÉ + MARKET Français
GetGo will operate as a separate, stand-alone business unit, maintain myPerks loyalty program; 35 stores to be divested in accordance with regulatory requirements LAVAL, QC and CRANBERRY TOWNSHIP, Pa., June 26, 2025 /CNW/ - Alimentation Couche-Tard Inc. ("Couche-Tard") (TSX: ATD) today announced that it has received clearance from the U.S. Federal Trade Commission to proceed with its acquisition of GetGo Café + Market ("GetGo") from Giant Eagle, Inc. The transaction is expected to close in the coming days. GetGo's approximately 3,500 employees and 270 locations in Pennsylvania, Maryland, West Virginia, Ohio and Indiana will make up a new and separate business unit (BU) within Couche-Tard's U.S. store network. Leading the BU as Vice President of Operations is Mike Maraldo, a 33-year Giant Eagle veteran who has been Vice President of Operations for GetGo since 2022. "GetGo has built an extraordinary brand on the strength of a best-in-class food program, an exceptional store experience and a compelling offer activated by an amazing team that is passionate about their customers and communities," said Alex Miller, President and CEO of Couche-Tard. "We are very pleased to welcome them to the Couche-Tard team, looking forward to supporting and enabling their continued growth and success and eager to learn from their insights and experience as we strive to make our customers' lives a little easier every day." Senior operations leaders, as well as management and functional support staff for GetGo will remain based at Giant Eagle's corporate campus in Cranberry Township, Pa., in a separate, dedicated space. In addition, GetGo's brand, programs, and offers will continue, including the popular myPerks loyalty program that it shares with Giant Eagle. "GetGo has been an important part of Giant Eagle's history, and we thank all 3,500 GetGo and WetGo Team Members for the valuable work they have done," said Bill Artman, President and CEO of Giant Eagle. "Couche-Tard is a great fit for GetGo. Their deep understanding of consumer needs and their passion for the brand and the myPerks loyalty program will help GetGo continue its success and growth." Agreement to Sell Assets in the United States Couche-Tard worked cooperatively with the FTC and has agreed to sell 35 sites, including 34 Circle K locations and one GetGo property, to a buyer approved by the FTC. About Alimentation Couche-Tard Inc. Couche-Tard is a global leader in convenience and mobility, operating in 29 countries and territories, with close to 17,000 stores, of which approximately 13,000 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 the People's Republic of China. Approximately 146,000 people are employed throughout its network. Forward-Looking Statements This press release may include certain statements that are "forward-looking information" within the meaning of the securities laws of Canada, including statements relating to the completion of the GetGo acquisition by Couche-Tard and the intended timing and benefits thereof. Any statement in this press release that is not a statement of historical fact may be deemed to be forward-looking information. When used on this press release, the words "believe", "could", "should", "intend", "expect", "estimate", "assume", "aim", "align", "maintain", "continue", "effect", "growth", "position", "seek", "strategy", "strive", "will", "may", "might" and other similar expressions or the negative of these terms are generally intended to identify forward-looking information, although not all forward-looking statements include such words. These statements are based on management's current expectations, assumptions and estimates, which it believes are reasonable, but which are subject to a number of risks and uncertainties that could cause actual results and outcomes to differ materially, including risks associated with the entry into and consummation of a potential transaction, ability to realize expected synergies and successfully integrate the companies in the event of a transaction, market and economic conditions, business prospects or opportunities, future plans and projections, technological and business developments, and regulatory trends and changes, and such other risks as described in detail from time to time in documents filed by Couche-Tard with securities regulatory authorities in Canada. All forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement and speak as of the date of this news release. Couche-Tard undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. SOURCE Alimentation Couche-Tard Inc.
