2025 has become a landmark year for mergers and acquisitions (M&A) within the North American convenience store (C-store) sector. Industry giants are fueling consolidation, acquiring prime assets, and reshaping the competitive landscape amid mounting pressures on profitability, evolving fuel markets, and changing consumer preferences. Here’s a comprehensive look at the deals, drivers, and emerging trends that are redefining the C-store industry this year.

Sunoco’s Blockbuster $9.1 Billion Acquisition of Parkland Corp.

Sunoco’s pending $9.1 billion acquisition of Canada-based Parkland Corporation has dominated 2025 M&A headlines. Approved resoundingly by Parkland shareholders in June, the deal will see Sunoco acquire Parkland’s expansive assets, including over 645 U.S. C-stores, hundreds of locations in Canada and the Caribbean, as well as Parkland’s fuel and refinery business. The acquisition represents Sunoco’s large-scale return to fuel retailing after divesting most of its C-store assets to 7-Eleven in 2024.

This blockbuster merger comes as oil companies intensify efforts to vertically integrate and solidify their positions across the fuel value chain. Sunoco’s CEO, Joe Kim, noted in a June statement, “Bringing Parkland’s robust retail network under Sunoco will drive new growth opportunities, broaden our customer base, and strengthen our North American impact.” The transaction is expected to close in Q4 2025 pending regulatory approvals.

Couche-Tard Expands With $1.6B GetGo Purchase and More

Another major force in 2025’s consolidation wave is Alimentation Couche-Tard, the parent company of Circle K. In July, Couche-Tard closed its $1.6 billion purchase of GetGo Cafe+Market from supermarket operator Giant Eagle, adding 270 stores across Pennsylvania, Ohio, West Virginia, Maryland, and Indiana. This acquisition furthers Couche-Tard’s expansion and cements its status as a dominant C-store operator in North America, with a global footprint extending to more than 14,000 stores as of mid-2025.

To satisfy regulatory requirements around the GetGo deal, Couche-Tard divested 35 stores in Indiana, Ohio, and Pennsylvania. These were acquired by Atlanta-based Majors Management, which will debut its MAPCO brand in these states—a sign of the dynamic market entry and rebranding that M&A often brings.

Couche-Tard also recently completed the acquisition of 20 Hutch’s convenience stores in Oklahoma and Kansas, as well as two Dusterhoft Family Stores in North Dakota.

Regional and Independent Players: Selling, Buying, and Restructuring

While mega-deals grab the spotlight, 2025 has also been marked by strategic moves among regional players. Stinker Stores is in the process of selling 13 Colorado locations, while Maverik unloaded several Nebraska stores to Mega Saver and Yesway began divesting all 30 Iowa and Kansas locations, intending to reinvest in higher-performing markets.

Other regional deals this year include:

• Casey’s General Stores’ acquisition of 12 Kentucky sites from Wow! Foodmart, including C-stores, travel centers, and liquor stores.
• Blarney Castle Oil purchasing 13 Michigan C-stores from Pri Mar Petroleum, expanding its Great Lakes territory.
• Good Oil Company’s first foray into Ohio via Big Mike’s Gas N Go acquisition.
• Sampson-Bladen Oil advancing in North Carolina by acquiring 15 Breeze Thru Markets locations, boosting its total footprint to 125 stores.
• Poppy Markets’ acquisition of 11 California stores and fuel distribution operations from National Petroleum.
• EG America’s takeover of nine Neon Marketplace stores across Rhode Island and Massachusetts, continuing its growth along the Eastern Seaboard.
• Refuel’s acquisition of eight DoubleQuick-branded stores in Mississippi, targeting further brand extension in the South.

Key M&A Drivers in 2025

The wave of 2025 convenience store consolidation is underpinned by several industry trends:

1. Rising operational costs and regulatory pressures: Labor costs, supply chain disruptions, and compliance requirements are prompting smaller operators to exit or seek scale.
2. Shifts in fuel consumption: While EV adoption is growing, fuel sales remain a core revenue stream, making control over retail outlets strategically important for refiners and distributors.
3. Changing consumer expectations: The pandemic accelerated demand for improved foodservice, fresh offerings, and digital ordering—investments that larger chains are better positioned to make.
4. Fragmented market ripe for consolidation: There are still over 150,000 convenience stores in the U.S., according to NACS, with more than 60% independently owned. This fragmentation presents ongoing consolidation opportunities.

Regulatory Scrutiny and Competitive Dynamics

The Federal Trade Commission (FTC) and state regulators continue to play an active role in shaping deals. The Couche-Tard/GetGo transaction required the divestment of stores to avoid excess market share in some regions, setting a precedent for future large-scale M&A. Stewart’s Shops’ acquisition of Jolley Stores similarly triggered a requirement to sell specified stores in New York and Vermont to preserve competition, with Mirabito Energy Products and Prestige Petroleum emerging as buyers.

Despite regulatory hurdles, competition remains fierce. Private equity and investment interest in fuel and convenience retail remains robust, with new capital entering the space as C-store businesses demonstrate resilience and growth potential.

Investment and Outlook: What’s Next?

Beyond outright M&A, the industry is seeing major investments in infrastructure and technology. Applegreen’s $750 million upgrade of 18 Massachusetts travel plazas exemplifies the focus on travel corridor modernization—aligning with rising consumer expectations for comfort, food, and even electrification services such as rapid-charging EV stations.

Experts expect consolidation momentum to persist through the second half of 2025. With industry economics favoring scale, and major retailers seeking to diversify formats and geographic hold, more deals are anticipated—particularly as generational ownership transitions and private equity exits accelerate.

For many independent or regional operators, the decision to buy, sell, or restructure will hinge on their ability to adapt amid digital disruption, labor shortages, and shifting consumer patterns. As seen in the successes of players like Couche-Tard, Sunoco, and others in 2025, strategic M&A—backed by technological investments and operational synergies—will remain a key engine of growth in the C-store sector.