M&A Trends and Activity in the Convenience Store Sector for 2025
Trends in Smaller Transactions 2025 saw a noticeable increase in small to medium size transactions, particularly those involving 10 to 25 stores. External Influences and E-commerce Integration The E-Commerce & Retail M&A Trends Report for 2026 highlights the macroeconomic conditions and digital transformation impacting the retail sector.
The landscape of mergers and acquisitions in the convenience store sector has been marked by both high-profile transactions and a significant number of smaller deals in 2025. As legacy owners consider selling their businesses and larger chains divest unprofitable outlets, private equity interest remains robust, creating a favorable environment for M&A activity.
Strategic Acquisitions and Divestments
One of the notable developments in 2025 was the conclusion of acquisition discussions involving Seven & i Holdings, with Couche-Tard withdrawing its offer in July. On the other hand, Anabi Oil made headlines by acquiring 87 Green Valley Grocery stores, a move highlighting the ongoing trend of consolidating smaller, regional chains.
In a strategic move, RaceTrac acquired Potbelly Corp. for $566 million, marking a significant expansion beyond its traditional convenience store operations and into the restaurant sector. This acquisition underscores the increasing trend of diversification within the convenience store industry as companies seek new growth avenues.
Larger chains have also been offloading unprofitable stores, with Stinker Stores divesting 12 properties and Reliance Oil purchasing six convenience stores. These transactions reflect a shift in strategy towards optimizing store portfolios and focusing on profitable locations.
Trends in Smaller Transactions
2025 saw a noticeable increase in small to medium size transactions, particularly those involving 10 to 25 stores. This trend indicates a growing interest among smaller operators to either expand their footprint or exit the market, driven by changing economic conditions and evolving consumer preferences.
Private equity firms have maintained a strong interest in the sector, capitalizing on the favorable M&A environment. This interest has been particularly pronounced in acquisitions that promise scalability and data-driven business models, aligning with broader retail trends.
External Influences and E-commerce Integration
The E-Commerce & Retail M&A Trends Report for 2026 highlights the macroeconomic conditions and digital transformation impacting the retail sector. The report emphasizes the resilient demand in digital channels and the influence of digital transformation on buyer behavior and transaction outcomes.
In response to the growing importance of e-commerce, buyers in the convenience store sector are prioritizing data monetization and personalized marketing strategies. This focus is reshaping retail M&A, as companies seek to leverage data for competitive advantage and improved customer engagement.
Valuation and Future Outlook
Valuation dispersion across specialty retail and online-first models continues to be a significant factor in M&A decisions. As buyers prioritize scalable, data-enabled business models, the convenience store sector is likely to see ongoing consolidation and strategic acquisitions in the coming years.
The integration of AI and digital technologies in retail operations is poised to drive further M&A activity. Major tech acquisitions in 2025, such as Cisco's purchase of NeuralFabric and AMD's acquisitions of Enosemi and Brium, underscore the growing role of AI in shaping future retail strategies.
“Major tech M&A driven by AI in 2025”
As legacy owners consider selling their businesses and larger chains streamline their operations, the M&A landscape in the convenience store sector remains dynamic. With a continued focus on strategic shifts and deal patterns, industry players are poised to navigate the evolving market with a keen eye on digital transformation and consumer trends.