AGB 2021.11 - Alimentation Couche-Tard (ATD-B/A.TO)

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Alimentation Couche-Tard

Alimentation Couche-Tard is one of the largest convenience-store (C-store) operators. With over 14.2k stores (10k in North America, 2.7k in Europe, and 1.2k in Asia), Couche-Tard is the #2 player in the U.S., #1 in Canada and has a presence in many other major markets. The company operates just three brands - Couche-Tard, Circle K and Ingo - after unifying most of its smaller brands into Circle K starting in 2015.

Couche-Tard started as a single location in Quebec, Canada in 1980 and expanded throughout greater Canada via a series of acquisitions and new store buildouts. In 2001, the company entered the U.S. market through the acquisition of Bigfoot stores, which were located in the Midwest. Couche-Tard acquired Circle K just two years later, making it a formidable player within the U.S. market. By 2012, the company entered the European market though the acquisition of Statoil Fuel, which had loc…