US: 7-Eleven buys stores from licensee Prima Marketing
- 7-Eleven buys outlets from Prima Marketing
- Bulk of stores in West Virginia
- Latest acquisition in expansion drive
7-Eleven has made series of acquisitions this year
US c-store giant 7-Eleven has made another acquisition, snapping up stores from licencee Prima Marketing.
7-Eleven yesterday (20 August) announced a deal to buy 74 outlets and two land parcels. It said the "bulk" of the stores were in West Virginia.
CFO Stan Reynolds said: "This acquisition fits well with our accelerated growth strategy and gives us an opportunity to expand in the West Virginia market, building on our already strong mid-Atlantic presence."
At present, the retailer runs and franchises 21 stores in West Virginia, 172 in Pennsylvania and ten in Ohio.
7-Eleven has made a series of acquisitions this year. Last month, it announced a deal to buy the retail and wholesale businesses of Tetco to expand its presence in Utah and Texas.
This year, 7-Eleven has also bought another batch of stores in Texas, as well as in North Carolina and South Carolina.
7-Eleven Acquires 76 West Virginia-Area Locations from its Licensee Prima Marketing
Retailer Continues Acquisitions, Accelerated Store Growth
DALLAS, Aug. 20, 2012 /PRNewswire/ -- 7-Eleven, Inc. (SEI) announced today that it has closed a deal to acquire 74 operating convenience stores and two land parcels from Prima Marketing LLC, a 7-Eleven licensee with stores in West Virginia, Ohio, Pennsylvania and Kentucky. The bulk of the stores being purchased are in West Virginia. Terms of the deal were not disclosed.
The acquisition includes all Prima company-operated stores, and employment offers were made for approximately 700 store personnel and district managers, pending successful completion of pre-employment screenings and continued satisfactory performance. Additionally, SEI plans to extend job offers to some non-store personnel.
"This acquisition fits well with our accelerated growth strategy and gives us an opportunity to expand in the West Virginia market, building on our already strong mid-Atlantic presence," said Stan Reynolds, 7-Eleven, Inc. executive vice president and chief financial officer. "Eventually, it will also provide business opportunities to local entrepreneurs who would like to operate a 7-Eleven franchise."
"Prima has been a longstanding 7-Eleven licensee and has worked very diligently to build the 7-Eleven brand within our core markets," said Prima CEO Jeffrey Kramer. "We're very proud to be able to turn the stewardship of these locations over to the capable hands of 7-Eleven for that company's continued growth."
The purchase of these stores adds to SEI's goal of opening at least 630 new locations in 2012.
SEI will add its proprietary retail information system and technology for enhanced product-ordering capabilities and continue to offer 7-Eleven's private brands and well-known proprietary products such as 7-Eleven's proprietary coffee, Slurpee® and Big Gulp® drinks, plus grill products along with standard convenience-store items.
Currently, 7-Eleven, Inc. operates and franchises 21 stores in West Virginia, 172 in Pennsylvania and 10 in Ohio.
Original source: 7-Eleven
- Price an underlying tension across European FMCG
- Analysis: Tyson's shrewd investment in Beyond Meat
- Interview: UK trade body on Brexit's policy impact
- Danone's Q3 sales - what the analysts say
- It won't just be Unilever to push for Brexit hikes
- Nestle lowers outlook on "softer environment"
- Bel takes majority stake in MOM Group
- Mars launches Maltesers in the US
- Abbott sees international nutrition sales fall
- Metropoulos invests in Utz Quality Foods
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Packaged Food: Quarterly Statement Q3 2016
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review