Couche-Tard on Thursday reached an agreement to acquire all shares in True Blue, which owns 65 car wash facilities in the southwestern United States.
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According to Couche-Tard, which also owns Circle K, these locations will be a “natural extension” of its network of more than 2,500 car washes, the company said in a statement.
“We have been impressed with the strong growth True Blue has achieved in recent years, as evidenced by the approximately 45% growth in total number of cars washed between fiscal 2018 and fiscal 2021,” said Claude Tessier, Chief Financial Officer.
In fact, True Blue is said to have washed more than 10 million cars under the Clean Freak brand in the U.S. Southwest and Rainstorm in the Midwest last year, the statement said. Its car wash facilities are located in Arizona, Texas, Illinois and Indiana, “with several new locations planned and under development,” it said.
For its part, Couche-Tard already operates in 24 countries and territories with more than 14,300 stores.
The transaction is expected to close in the first half of 2023.