Alimentation Couche-Tard Inc., based in Laval, Quebec, has set its sights on acquiring Zabka Group, a Polish convenience store operator, after previous unsuccessful attempts to purchase a French grocer and a major global convenience store chain. The offer made by Couche-Tard for a controlling stake in Zabka is valued at over $12 billion, pricing Zabka at 32 Polish zloty per share.
If the deal goes through successfully, it will be Couche-Tard’s largest acquisition to date, aligning with its ambition to significantly expand its presence in the market. Zabka, known for its extensive network of over 13,000 convenience stores in Poland and Romania, complements Couche-Tard’s existing portfolio of 17,300 stores across 27 countries, including nearly 400 stores in Poland.
Both companies share similarities in their product offerings, with a focus on beverages, snacks, and hot food items. Zabka’s emphasis on quick-serve meals and autonomous store models contrasts with Couche-Tard’s emphasis on beverages and fuel, as the majority of Couche-Tard’s locations include gas stations, unlike Zabka.
CEO Alex Miller emphasized that the proposed transaction aims to leverage each company’s strengths and customer-centric approach to enhance service delivery. The deal is projected to generate approximately $250 million in cost savings within three years of completion. The decision to pursue Zabka was influenced by founder Alain Bouchard, who suggested revisiting the opportunity after years of consideration.
The acquisition has garnered support from Zabka’s key stakeholders, including its incoming CEO Tomasz Blicharski, and major investors holding a majority stake in the company. Regulatory approvals are pending, with the transaction expected to be finalized by December, contingent on shareholder acceptance of the offer.
Should Couche-Tard secure at least 95% of Zabka’s voting rights, it will have the option to delist the company from the Warsaw Stock Exchange and integrate it fully or maintain it as a publicly traded entity. Analysts view the acquisition as a strategic move that aligns with Couche-Tard’s growth objectives and anticipate a positive long-term impact on the company’s expansion plans.