Compared with previous years, merger and acquisition activity in the U.S. convenience store industry in 2026 has been noticeably quieter. As of now, there have been no mega-deals in the industry similar to the 2023acquisition of TravelCenters of America by BP, the 2024acquisition of Delek's convenience store business by FEMSA to enter the U.S. market, or last year'sacquisition of hundreds of retail stores from Parkland by Sunoco.

Nevertheless, some sizable mergers and acquisitions still emerged in 2026. Among them, Sunoco acquired more than 100 stores in total through several independent deals; Cumberland Farms acquired Coen Markets, a regional chain retailer in the Pittsburgh area; and Pops Mart and Monfort Companies both chose to exit the convenience store industry.

While waiting for market developments in the second half of the year, we have compiled C-Store Dive's coverage of the largest M&A deals so far in 2026, summarized below.

1. Sunoco: Multiple acquisitions totaling over 100 stores

Sunoco continued its aggressive expansion strategy in 2026, adding more than 100 convenience stores through several transactions. These acquisitions were spread across different regional markets, further consolidating its network density in core operating areas.

2. Cumberland Farms: Acquisition of Coen Markets

Cumberland Farms completed the acquisition of Coen Markets, a regional chain retailer in the Pittsburgh area. This deal helped Cumberland Farms gain a foothold in the western Pennsylvania market and expanded its brand presence beyond New England.

3. Pops Mart exits the industry

Pops Mart chose to sell all of its convenience store assets in 2026, officially exiting the industry. This decision reflects the reassessment of capital allocation and competitive pressures by some small and medium-sized operators in the current market environment.

4. Monfort Companies exits the industry

Similar to Pops Mart, Monfort Companies also completed the sale of its assets this year and exited the convenience store business. Although these exit transactions are not large in scale individually, they provide opportunities for regional consolidators to supplement their store networks.

5. Regional consolidation trend continues

Based on the disclosed transaction structures, M&A activity in 2026 shows a clear regional consolidation characteristic. Buyers tend to prefer bolt-on acquisitions around existing markets rather than large-scale cross-regional expansion. This strategy helps reduce integration risks and improve supply chain and operational efficiency.

6. Transaction valuations and market expectations

Despite the lack of publicly disclosed detailed financial terms, industry observers point out that current valuations of convenience store assets remain within a reasonable range. Sellers are mostly family-owned businesses or small chains seeking liquidity, while buyers are mostly publicly listed or private equity-backed platform operators.

7. Outlook for the second half of the year

As the second half of 2026 begins, market participants are generally watching whether larger deals will emerge. Some analysts believe that if the interest rate environment remains stable, the possibility of a billion-dollar-level merger cannot be ruled out. C-Store Dive will continue to track related developments.

The above is C-Store Dive's phased summary of the major M&A transactions in the convenience store industry so far in 2026. All transaction information is based on public reports, and specific terms are subject to official announcements.