Alimentation Couche-Tard acquires the American car wash company True Blue

LAVAL, Qc — Alimentation Couche-Tard has signed an agreement to buy all the interests of the American company True Blue Car Wash.

Financial terms of the agreement for the operator of car wash sites under the Clean Freak and Rainstorm banners were not immediately available.

Couche-Tard CEO Brian Hannasch says True Blue is an opportunity to expand the company’s brands into a very attractive subcategory of the industry.

Founded in 2016, True Blue has 65 car washes in the United States, in the states of Arizona, Texas, Illinois and Indiana.

True Blue’s management, office and operations teams are expected to join Couche-Tard once the transaction closes, while True Blue’s CEO, Stuart Crum, will continue to direct its operations.

The transaction is expected to close in the first half of 2023, subject to regulatory approvals and closing conditions.

Company in this story: (TSX:ATD)