7-Eleven’s acquisition of Tetco will improve the convenience retailer’s geographic profile in western US, a spokesperson for the company told just-food.
The US c-store giant has entered into an agreement to acquire the retail and wholesale businesses of Tetco for an undisclosed sum. The deal will see it expand its presence in Utah as well as in Dallas Fort Worth, San Antonio and Austin in Texas.
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A spokesperson for the company told just-food this afternoon the acquisition improves 7-Eleven’s geographic spread because it “expands in our existing markets and adds San Antonio, which is near our Austin market”.
Commenting on the deal, 7-Eleven executive vice president and CFO Stan Reynolds said: “The combination of Tetco’s retail and wholesale operations will make this 7-Eleven’s largest acquisition since the company accelerated its growth plan four years ago.”
7-Eleven has announced a number of acquisitions as it has aggressively expanded its business in the US.
This year, 7-Eleven has bought stores in Texas, North Carolina and South Carolina.
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By GlobalDataLast year, the retailer acquired 188 stores when it took over Wilson Farms and purchased 183 sites from ExxonMobil in Florida.
The spokesperson said that the exact number of retail outlets being acquired in the Tetco deal will be announced after closing, which is expected in November. The transaction will add “somewhere between 160 and 180 outlets”, the spokesperson added.
The deal also includes Tetco’s wholesale business, which supplies gas to 550 retail customers. 7-Eleven said expanding the wholesale business would be an “integral part” of its “overall growth strategy” going forward.
