When discussing the state of the convenience store industry in 2023, it’s impossible to not focus on mergers and acquisitions.

While M&A is an ever-present element of the industry, this year brought several large-scale deals that dominated headlines and altered the competitive landscape among c-store retailers. According to one expert, “the stars aligned” this year as companies looked to offset high operating costs driven by inflation, digital growth and labor challenges. 

Here’s a look at the biggest deals from 2023.

BP re-enters the c-store game

In February, BP agreed to acquire TravelCenters of America’s 281 locations across 44 states for $1.3 billion. The deal, which officially closed in May, helps push BP towards its goal of creating a “mobility site of the future” that supports growing demand for lower-carbon mobility solutions, former CEO Bernard Looney said at the time.

BP has said it will not rebrand any of the TA sites that joined its network.

Majors Management and Couche-Tard buy out MAPCO

Chilean holding company Copec Inc., owner of Franklin, Tennessee-based MAPCO Express, sold its roughly 300 convenience stores in a three-way deal to Majors Management and Alimentation Couche-Tard in April.

For Majors, the deal included the MAPCO brand and loyalty program, while Couche-Tard acquired 112 company-operated locations, predominantly across Tennessee and Alabama. The deal officially closed on Nov. 1.

Maverik acquires family-owned Kum & Go

In one of the more memorable deals of 2023, Salt Lake City-based Maverik and its parent company FJ Management agreed to acquire Kum & Go’s 400-plus store network in April. 

The acquisition, which closed at the end of August, more than doubled Maverik’s footprint to over 800 convenience stores across the Midwest and Rocky Mountain regions.

Maverik also acquired Solar Transport, a tank truck carrier and logistics provider owned by Kum & Go’s former parent company, Krause Group, in the deal.

Couche-Tard expands its European presence

In the only deal on this list that occurred outside the U.S., Couche-Tard agreed to acquire 2,193 retail sites from European fuel giant TotalEnergies for $3.3 billion in March. The deal received regulatory approval from the European Commission in early November.

The acquisition included 1,195 locations in Germany, 566 in Belgium, 387 in the Netherlands and 45 in Luxembourg.

Casey’s takes on the Minit Mart banner

Casey’s General Stores acquired 89 EG America-owned Minit Mart convenience stores through two deals this year. 

The first, in March, included 26 locations in the Kansas City, Missouri area, which Casey’s purchased for $48 million. In August, Casey’s acquired 63 more Minit Mart stores in Kentucky and Tennessee for an undisclosed amount. 

EG Group lightens its balance sheet

In March, EG Group entered into a $1.5 billion sale-leaseback agreement with Realty Income Corporation under which the real estate investment trust would purchase up to 415 U.S. convenience stores, including various Cumberland Farms, Tom Thumb, Fastrac and Sprint locations.

This came a couple months after news surfaced that EG Group, EG America’s UK-based parent company, was looking to sell various U.S. assets to offload debt. EG Group has about $8.6 billion of debt falling due in 2025.

RaceTrac makes its biggest deal in company history

In July, RaceTrac’s wholly owned wholesale fuel supply and trading subsidiary, Metroplex Energy, agreed to acquire Gulf Oil LLC’s 1,200 branded locations across the U.S. and Puerto Rico. Additionally, Metroplex Energy obtained all of Gulf’s branded distributor and license agreements, as well as the exclusive rights to market fuel at Gulf’s retail locations along the Massachusetts Turnpike.

This marked the largest acquisition in RaceTrac’s history and expanded its reach to nearly 40 states and Puerto Rico.

SQRL takes on former Mountain Express locations

In October, Arkansas-based retailer SQRL Holdings acquired 210 convenience stores across Missouri, Oklahoma, Texas, Wisconsin, Ohio, Pennsylvania, Alabama, Arkansas, Louisiana and Mississippi that were previously leased by bankrupt retailer and wholesaler Mountain Express Oil. The deal expanded SQRL’s footprint to more than 350 stores in 14 states

Blue Owl Capital, a real estate investment trust (REIT), owned these locations and made the sale to SQRL.