UPDATE APRIL 17, 2023
Big Red Stores has officially changed hands to Circle K Stores. Each of the stores will close for a short time for training. This will happen in some stores as early as Monday, April 17th. They will reopen soon as Circle K Stores.
ORIGINAL FEB 28, 2023
A nationwide chain plans to purchase Big Red Stores, according to press releases from both companies.
Alimentation Couche-Tard, better known in these parts as Circle K, will purchase 45 Big Red Store locations across the state of Arkansas. They expect transaction will close in the first half of 2023, subject to the satisfaction of certain regulatory approvals and closing conditions. Big Red is a successful company originally founded in 1997 by Doug and David Hendrix, has grown mainly organically by opening new sites over the years.
“We are excited to have reached this agreement,” said David Hendrix, President of Big Red Stores. “Throughout this process, Doug and I have become confident that the Circle K team will continue to actively participate in our community and value our outstanding team members who have contributed so greatly to building this company.”
Doug Hendrix added, “Central Arkansas is our home, and we have taken great pride in serving our neighbors and friends for the last 26 years. We know that the Circle K team will take care of the customers we have had the privilege to serve.”
The acquired stores will be rebranded under Couche-Tard’s Circle K brand and continue to offer a wide range of services and products, including gasoline, diesel, and convenience store items.
“We are very pleased to add Big Red Stores’ high-quality locations to our footprint in the state of Arkansas. Doug and David built an exceptional network of stores and people, and we believe our values are congruent with the culture they’ve spent a quarter-century building. We are honored to be stewards of their legacy” said Alex Miller, Couche-Tard’s Chief Operating Officer. “As we expand our presence in the area, we look forward to bringing the Circle K experience to new customers and making their lives a little easier every day.”
The transaction includes modern, high-quality, and well-located sites across the state of Arkansas. All 45 sites are company-owned, company-operated sites of which real estate is owned for 44 sites and leased for 1 site. The network predominately features large format stores that have ample space for enhanced foodservice and product offerings.
Raymond James & Associates, Inc. is serving as investment banking advisor to the Big Red Stores in this transaction. RMP LLP is serving as legal counsel to the Big Red Stores in this transaction.