M&A
Convenience Confidential: Shell’s big bet on the future of US c-stores
Shell announced on Tuesday that it has reached an agreement to acquire all equity in Tri Star Energy, a convenience store operator in the southeastern United States, increasing its stake from 33% to 100%. Upon completion of the transaction, Shell will own 320 company-operated sites in Tennessee and surrounding areas, and will have supply agreements with 552 dealer-owned sites, nearly doubling its number of company-operated convenience stores in the U.S. This marks the largest merger and acquisition in the U.S. convenience store industry since 2026. Shell previously held one-third of Tri Star's shares, and this transition from a minority shareholder to a full owner signals strong confidence in Tri Star and the prospects of the U.S. convenience store industry. Tri Star operates brands such as Twice Daily, Sudden Service, and Little General, as well as White Bison Coffee, an in-store coffee concept at Twice Daily. Analysts believe Shell's move aims to strengthen its food service capabilities to compete with fast-food chains and deepen its relationship with consumers.
Shell to acquire Tri Star Energy
Shell announced it will acquire the remaining 67% of Tri Star Energy, a Southeastern convenience store retailer, bringing its ownership to 100%. The deal includes 320 company-operated fuel and convenience sites and supply agreements with 552 dealer-owned locations, significantly boosting Shell's US company-owned retail presence. The transaction is expected to close by end of 2026.
Rmarts sells 8 Chicago-area c-stores
Rmarts LLC, a Chicago-area convenience store operator with over 70 years in the market, has sold eight of its twelve locations to an undisclosed fellow regional operator. The company will continue running its four remaining legacy stores, a move that aligns with a broader trend of smaller retailers scaling down amid a tougher operating environment.
Sunoco to acquire Offen Petroleum for $600M
Sunoco has agreed to acquire fuel distributor Offen Petroleum for about $600 million, a deal that adds a network delivering roughly 2.5 billion gallons annually to over 800 retail stations. The transaction is expected to close in Q4 2026.
Casey’s to acquire 24 stores from Texas chain
Casey's General Stores announced the acquisition of 24 stores from Texas convenience store chain Pak-A-Sak, with the transaction amount undisclosed. Most of the stores are located in the Amarillo area, and the deal is expected to absorb Pak-A-Sak employees. This acquisition is Casey's latest expansion move in Texas, following multiple acquisitions since entering the state in late 2023.
Arko Petroleum to acquire US Petroleum Partners
Arko Petroleum announced it will acquire U.S. Petroleum Partners (USPP) for $205 million in cash plus inventory costs. USPP distributes approximately 280 million gallons of fuel annually, serves over 400 wholesale points, and owns two fuel terminals and transportation assets. The transaction is expected to close this year and will significantly expand Arko Petroleum's wholesale scale.
Sunoco expects to exceed $500M in acquisitions this year
Sunoco revealed on its second quarter 2026 earnings call that its bolt-on acquisition scale will exceed the $500 million target set at the beginning of the year. The company reported net income of $283 million and adjusted EBITDA of $996 million. Management stated that strong first-half results provided additional cash flow to support more M&A deals.
How Couche-Tard’s Żabka deal could impact its broader business
Couche-Tard plans to acquire Polish convenience store chain Żabka for $8.6 billion. If the deal is completed, Żabka's 13,000 stores will significantly strengthen its presence in Europe, while its mature food service, private label, digital operations, and supply chain systems could become key assets for Couche-Tard in advancing its "Core + More" strategy.
3 Big Numbers: A deeper look into c-store M&A in 2026
Based on the latest report from Corner Capital Market, this article interprets M&A dynamics in the convenience store industry in the first half of 2026 through three key numbers: global M&A transaction value hit a five-year high, transaction volume remained flat compared to last year, and the largest single deal involved 56 stores. The article examines the impact of stable interest rates, favorable legislation, and active consolidators on the market.
Alimentation Couche-Tard plans to acquire Polish c-store chain Żabka for $8.6B
Canadian convenience store group Alimentation Couche-Tard announced on Friday that it has reached an agreement to acquire a controlling stake in Żabka Group, Poland's largest convenience store chain, for a total price of approximately $8.6 billion, or about $8.48 per share. The deal has received support from holders of approximately 57% of Żabka's issued shares and is expected to close by the end of December 2025, making it the largest acquisition in Couche-Tard's history.