COUCHE-TARD BUYS PROVIGO CONVENIENCE UNIT
By Adnews Staff
Alimentation Couche-Tard Inc. purchased Provigo Inc.'s C Corp. Inc. convenience stores earlier this week. The deal, involving 295 stores in Quebec, Ontario and Alberta, is worth approximately $85 million and is scheduled to close in mid-May. The 295 stores operate under three banners. The Provi-Soir banner covers the 245 units in Quebec, while the 50 stores in Ontario and Quebec operate under the Winks and Red Rooster banners. The deal gives Couche-Tard 625 convenience stores, the majority of which are in Quebec. In a release, Pierre L. Mignault, Provigo's president and CEO, said the sale will allow Provigo to concentrate on its core retail network, which includes the Provigo and LOEB supermarkets and the Maxi and Maxi & Co. discount stores. Provigo will continue to act as the wholesale supplier for the 245 Quebec stores. Both Provigo and Alimentation Couche-Tard are based in Montreal. Officials from the two companies could not be reached to comment on how the deal would impact advertising plans.