US: 7-Eleven buys more stores in South Carolina
7-Eleven has expanded presence in the Carolinas
US convenience retailer 7-Eleven has snapped more than 40 stores in South Carolina - its latest deal in the state.
7-Eleven said yesterday (8 April) it had acquired 46 Hickory Point and Palms Stores locations from local retailer CB Mart for an undisclosed sum.
The deal follows last year's purchase of 55 stores across South and North Carolina from local rival Sam's Mart. In November, 7-Eleven also announced it had acquired 12 outlets from Fast Track in North Carolina. The CB Mart transaction will take 7-Eleven's stores in the Carolinas to more than 100.
"7-Eleven is committed to building its presence in the Carolinas and bringing our proprietary products to the acquired Hickory Point and Palms locations as the stores are converted to the 7-Eleven brand," CFO Stan Reynolds said.
The retailer opened or acquired more than 1,000 stores in the US and Canada in 2012. It runs, franchises or licences over 10,000 outlets in North America.
7-Eleven Expands Presence in South Carolina
7-Eleven®Acquires 46 Hickory Point and Palms Stores from CB Mart, Inc. in South Carolina
DALLAS, April 8, 2013 /PRNewswire/ -- 7-Eleven, Inc. has closed on the acquisition of 46 locations from CB Mart, Inc. Terms of the deal were not disclosed.
The acquisition increases 7-Eleven's store count in the Carolinas to more than 100 and follows the acquisition of 55 Sam's Mart and 13 Fast Track stores that closed in 2012.
"7-Eleven is committed to building its presence in the Carolinas and bringing our proprietary products to the acquired Hickory Point and Palms locations as the stores are converted to the 7-Eleven brand," said Stan Reynolds, 7-Eleven executive vice president and CFO.
Besides favorites like Slurpee and Big Gulp® drinks, coffee and Big Bite® hot dogs, consumers eventually will see 7-Eleven stores' proprietary foods like hot pizza, chicken wings and tenders, mini-tacos, fresh-made- sandwiches and salads, fresh baked goods and hundreds of 7-Eleven's award-winning 7-Select private-brand items as store conversions get underway.
7-Eleven has offered employment to existing store personnel. We will also eventually provide business opportunities to local entrepreneurs who would like to operate a 7-Eleven franchise.
The acquisition is part of the world's largest convenience retailer's accelerated growth plan. 7-Eleven opened or acquired more than 1,000 stores in the U.S. and Canada in 2012 and added almost 4,900 worldwide.
CB Mart, Inc. was advised by Robert L. Valentine of Trefethen Advisors, LLC. Marvin Quattlebaum and Frank Williams of Smith Moore Leatherwood LLP served as legal counsel to CB Mart, Inc. for this transaction.
About 7-Eleven, Inc. 7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses more than 10,000 7-Eleven® stores in North America. Globally, 7-Eleven has some 50,000 stores in 16 countries. During 2011, 7-Eleven stores generated total worldwide sales close to $76.6 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #2 on Forbes magazine's 2011 list of Top Franchises for the Money; #3 spot on Entrepreneur magazine's Franchise 500 list for 2012, #3 in Forbes magazine's Top 20 Franchises to Start, and #2 in Franchise Times Top 200 Franchise Companies. 7-Eleven was named No. 3 on Fast Company magazine's 2013 list of the "World's Top 10 Most Innovative Companies in Retail." Hispanic Magazine named 7-Eleven among its Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 7-Eleven received the 2010 Retailer of the Year honor from PL Buyer because of the company's private-label brand initiative. 7-Eleven is franchising its stores in the U.S. and expanding through organic growth, acquisitions and its Business Conversion Program. Find out more online at www.7-Eleven.com.
Original source: 7-Eleven
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