How small and mid-market c-store operators can scale through M&A

Core Insights - Convenience retailers prioritize growth through acquisitions, as it allows for rapid brand establishment in new areas and immediate new-store growth [1] Industry Overview - Major retailers like 7-Eleven, Alimentation Couche-Tard, and Casey's General Stores are well-known for their acquisition strategies, but smaller regional players are also actively pursuing acquisitions [2] Company Case Study: K&G Petroleum - K&G Petroleum operates approximately 70 convenience stores in Colorado and Nevada and has made four acquisitions since 2021, targeting packages of 5 to 25 stores [3][4] - The company aims for acquisitions that allow better integration and strategic definition, as stated by its CFO [5] Acquisition Process - K&G Petroleum conducts thorough due diligence when considering new acquisitions, evaluating geography, competitive landscape, and regulatory factors [6] - The team assesses current store volumes and potential performance within their network [6] - Observational tactics include monitoring customer traffic and store conditions, such as lighting and product setups, to gauge potential success [7]