Alimentation Couche-Tard Inc., headquartered in Laval, Quebec, is setting its sights on a new acquisition after unsuccessful attempts to purchase a French grocer and a major global convenience store chain. The company has now revealed plans to acquire Polish convenience store operator Zabka Group.
The proposed offer for a controlling stake in Zabka is valued at over $12 billion, with a tender price of 32 Polish zloty, equivalent to approximately $11.90 Canadian dollars per share. This move, if successful, would represent Couche-Tard’s largest takeover to date and align with its strategic goal of expanding its business significantly.
Zabka, named after the Polish word for frog, operates more than 13,000 convenience stores spanning Poland and Romania. In comparison, Alimentation Couche-Tard boasts a network of 17,300 stores across 27 countries, with nearly 400 outlets in Poland.
Both companies share similarities in their product offerings, emphasizing a diverse range of beverages, snacks, and an expanded focus on hot food items. Zabka sees a significant portion of its transactions involving quick-serve meals, with some locations operating autonomously. Meanwhile, Couche-Tard’s emphasis lies on beverages and fuel, with around 13,200 stores featuring gas stations.
Couche-Tard’s CEO, Alex Miller, views the potential acquisition as a synergy of strengths and a shared commitment to enhancing customer service. The company anticipates realizing approximately $250 million in cost savings within three years of completing the transaction.
The pursuit of Zabka has been a long-standing interest for Couche-Tard, with executives, including founder Alain Bouchard, considering the move for over 15 years. Despite previous acquisition attempts, such as the failed bid for Carrefour SA in 2021 and the withdrawal from negotiations with Seven & i Holdings in 2024, the company’s ambition for growth remains steadfast.
The proposed acquisition of Zabka is supported by key stakeholders, including incoming Zabka CEO Tomasz Blicharski and major investors like CVC Capital Partners and Partners Group. The deal is subject to regulatory approvals and is expected to be finalized by December, with the outcome dependent on shareholder acceptance.
While the integration of Zabka into Couche-Tard is a possibility, the company may also continue to operate independently on the Polish stock exchange post-acquisition. Analysts view the move as a strategic advancement for Couche-Tard, aligning with its long-term growth objectives and signaling a bold yet calculated approach to expansion.