Situation
Giant Eagle, Inc. is one of the nation’s largest privately-held companies, ranking among Forbes Top 50 Private Companies (2024). The company operates through several distinct operating divisions, most notably its 200+ Giant Eagle and Market District supermarkets and its convenience stores business that included 270 GetGo Café + Market convenience stores and WetGo car washes.

GetGo Café + Market is a leading convenience store brand, recognized for its best-in-class foodservice, excellent store operations, and its integration into Giant Eagle’s myPerks loyalty program.

Giant Eagle had received repeated inbound interest from large convenience store operators seeking to acquire the convenience store portfolio and integrate those operations into their existing networks.

Following renewed interest from multiple parties, Giant Eagle contacted Matrix seeking valuation and transaction structure guidance regarding its convenience store, car wash, and motor fuels businesses.

Matrix was ultimately retained to lead the negotiations of a potential transaction with one of these parties, and, if warranted in order to meet or exceed Giant Eagle’s transaction objectives, conduct a broader marketing process for its convenience store, car wash, and wholesale motor fuels businesses.

Objectives
To execute and complete a confidential sale process that would allow Giant Eagle to realize maximum after-tax value upon the sale of its convenience store, car wash, and wholesale motor fuels businesses.

To negotiate a loyalty program agreement that would enable Giant Eagle to maintain and expand the breadth of its myPerks loyalty program.

Solution
Matrix provided merger and acquisition advisory services to Giant Eagle, which included valuation advisory, conducting a confidential, structured sale process, and the negotiation of multiple transactions.

A bifurcated sale process was designed and executed that enabled Giant Eagle to maximize value across its entire convenience store, car wash, and wholesale motor fuels portfolio.

As a result of this process, Alimentation Couche-Tard, Inc. (TSX: ATD.B), the parent company of Circle K, was selected as the buyer of Giant Eagle’s convenience store and car wash businesses while Cary Oil was selected as the buyer for the branded wholesale motor fuels portfolio.

Matrix advised Giant Eagle in all facets of transaction execution, including negotiation of multiple purchase agreements, negotiation of a loyalty program agreement, coordination of due diligence, and guidance on key matters, such as a transition services agreement, a wholesale grocery distribution agreement, corporate restructuring, potential FTC divestitures, and unionized labor considerations.

The transactions with Cary Oil and Circle K closed in February 2025 and June 2025, respectively.