Minnesota-based Holiday Stationstores are being sold to a Canadian convenience store company.
The sale was announced by the buyer, Couche-Tard, on Monday and is expected to close next year.
Holiday was founded in Minnesota in 1928 by the Erickson family and grew to include 522 company-operated and franchise locations. It employs 5,963 people in in 10 states: Minnesota, Wisconsin, Washington, Idaho, Montana, Wyoming, North Dakota, South Dakota, Michigan and Alaska.
Couche-Tard is based in Canada and owns Circle K. It also operates extensively in the United States and Europe. It said in its announcement that the expected generated earnings from the Holiday acquisition are between $180 and $190 million per year.
The two companies signed a confidentiality agreement to keep the purchase price from being released.
Dale Kurschner, editor-in-chief of Twin Cities Business, thinks the deal could be worth about $1 billion. He said Couche-Tard is a publicly-traded company, so the purchase price will likely be released in Canada, at some point.
Couche-Tard said it intends to keep Holiday's headquarters in Bloomington, Minn.
Holiday CEO Ronald Erickson released the following statement:
"We are pleased to entrust Couche-Tard with carrying forward the Holiday brand and our highly successful programs. Our 90-year history and our promising future are being placed into excellent hands."
"The Holiday brand is so strong right now and what we're hearing from the acquirer is they like that brand. I don't think you're going to see Holiday go away," suggests Kurschner.