Top M&A Moves of 2023

Mergers and acquisitions came in all shapes, configurations and sizes in 2023, and while there were some significant deals by number of stores, the year can best be characterized as one of “strange brandfellows.”

In 2023, convenience-store chains that had been considered rivals with very different themes, vibes and customer demographics joined forces, and brands came together that will serve different roles in the acquirer’s portfolio. Meanwhile, two buyers divided a major chain and each went their separate ways, and a longtime non-acquirer went on a buying spree, among other mergers-and-acquisitions actions.

Among the Top 202 chains, here are some of the M&A highlights of 2023.

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