Alimentation Couche-Tard to acquire True Blue Car Wash

True Blue Car Wash was acquired by Alimentation Couche-Tard on Dec 22, 2022.

OverviewMarketImpactCommentary
Deal Overview
Purchase Date
December 22, 2022
Primary State
Arizona
Sites Bought
65
Sites
Deal Value
$395 million
Transaction Synopsis
  • With more than 85% of True Blue's locations within three miles of a Circle K location, the transaction provides a strong geographic overlap to support traffic-driving offers between True Blue sites and Circle K convenience stores.
  • Alimentation Couche-Tard Inc. agreed to acquire all of the membership interests of True Blue Car Wash LLC, which operates express tunnel car wash sites under the Clean Freak brand in the American Southwest as well as the Rainstorm brand in the American Midwest.
Market Significance

Couche-Tard believes these sites are also a natural extension of its current car wash network of more than 2,500 locations and will further enhance the customer experience. With more than 85% of True Blue’s locations within three miles of a Circle K location, the transaction provides a strong geographic overlap to support traffic-driving offers between True Blue sites and Circle K convenience stores.

Client Impact
Management Commentary

We are impressed by the strong growth achieved by True Blue in recent years, as evidenced by an approximate 45% growth in total cars washed between fiscal 2018 and fiscal 2021, and believe this acquisition will enable future growth for Couche-Tard in this segment as well as contribute to create value for our shareholders.

Claude TessierClaude Tessier
Claude Tessier