1. News
December 22, 2020

Couche-Tard completes acquisition of Convenience Retail Asia

North American convenience store operator Alimentation Couche-Tard has completed the acquisition of Convenience Retail Asia (CRA).

North American convenience store operator Alimentation Couche-Tard has completed the acquisition of Convenience Retail Asia (CRA).

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The acquisition follows an initial agreement announced by Couche-Tard to buy the business in a deal valued at HK$2.79bn ($359.80m) on 4 November 2020.

CRA is the operator of Circle K convenience stores in Hong Kong, Saint Honore Cake Shops in Hong Kong, Macau and Guangzhou, and Zoff eyewear stores in Hong Kong.

Circle K HK operates Circle K-licensed convenience stores network, with 340 company-operated sites in Hong Kong and 33 franchised sites in Macau.

The acquisition is in line with Couche–Tard’s regional growth ambitions.

Couche-Tard president and CEO Brian Hannasch said: “Circle K Hong Kong is one of the best convenience store operators in Asia and will be an excellent fit within our company.

“We are pleased to have completed this transaction rapidly and are excited to work with our new teams to advance our growth strategy in the region.”

Following the completion of the deal, Circle K HK’s executive director and chief operating officer Pak Chi Kin has resigned from the company immediately.

Pak will join the Target Group and direct his efforts towards the Convenience Store Business.

Couche-Tard had 9,261 convenience stores across North America as of 11 October 2020.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.