US: 7-Eleven acquires 143 Speedy Step, Tigermarket stores
By Katy Askew | 4 January 2013
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7-Eleven expands in Texas |
US convenience group 7-Eleven has continued its M&A march with the addition of 143 Speedy Stop and Tigermarket locations from CL Thomas.
Unveiling the acquisition yesterday (3 January), 7-Eleven said the move was part of its strategy to beef-up its presence in "rapidly growing" areas of the US. The deal contributes to 7-Eleven's aim of doubling its footprint in Texas, where it aims to operate 700 stores.
"We continue to build our presence in a rapidly growing area of the US, along the I-35 corridor from north of Dallas/Fort Worth to the Mexican border," said Stan Reynolds, 7-Eleven executive vice president and CFO. "We expect to grow to more than 700 7-Eleven stores in Texas from last year's 342 with this and other acquisitions we've made in 2012."
In August, 7-Eleven purchased the retail and wholesale business of Tetco, including a number of stores in Texas.
The company said it will remodel and rebrand a "significant" number of the stores during 2013.
7-Eleven reitereated its ambition to expand US operations through acquisitions, traditional store development and business conversions. During 2012, the group stepped up its M&A activity with a swathe of acquisitions across the US.
7-Eleven, Inc. Acquires 143 New Locations in South Texas from C. L. ThomasDallas (Jan. 3, 2013) - 7-Eleven, Inc. continues its expansion in the Lone Star state with today's announcement that the company acquired 143 Speedy Stop and Tigermarket retail locations from C. L. Thomas, Inc. of Victoria, Texas.The acquisition, which closed Dec. 31, increases 7-Eleven stores' footprint in San Antonio, where recently the country's largest convenience retailer purchased 25 stores as part of its acquisition from TETCO, Inc. It also adds to 7-Eleven's growing fuel wholesale-delivery business because the acquisition includes gasoline distribution to approximately 150 dealer-operated sites."We continue to build our presence in a rapidly growing area of the U.S., along the I-35 corridor from north of Dallas/Fort Worth to the Mexican border," said Stan Reynolds, 7-Eleven executive vice president and CFO. "We expect to grow to more than 700 7-Eleven stores in Texas from last year's 342 with this and other acquisitions we've made in 2012."7-Eleven plans to interview and offer qualified employees positions within the company.The company will remodel and rebrand a significant number of the locations in 2013. Customers can expect more outlets for 7-Eleven's fresh foods delivered daily, hot foods and signature products like 7-Select private brand, 7-Eleven coffee, Big Bite® hot dogs, Slurpee® and Big Gulp® drinks.As the global leader of convenience retailing, 7-Eleven continues to grow its business in the U.S. through traditional store development, business conversions and acquisitions.
Original source: 7-Eleven
Sectors: Mergers & acquisitions, Retail
Companies: 7-Eleven
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US: 7-Eleven acquires 143 Speedy Step, Tigermarket stores
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