• Deals add stores in four states
  • CFO underlines benefits in Cleveland and Pittsburgh
  • On look-out for more deals in those markets
7-Eleven has made raft of acquisitions this year

7-Eleven has made raft of acquisitions this year

US c-store retailer 7-Eleven has made two more acquisitions, snapping up stores across four states.

The company, which has been very active in the M&A market this year, has bought 68 stores in Ohio and Pennsylvania from EZ Energy.

It has also purchased 58 7-Eleven outlets from a licencee, Handee Marts, across those two states, as well as West Virginia and Maryland.

7-Eleven CFO Stan Reynolds emphasised how the deals would improve the retailer's presence in Cleveland and Pittsburgh and said it was looking for more deals.

"These two acquisitions provide 7-Eleven with an excellent opportunity to have a strong presence immediately in both the Cleveland and Pittsburgh areas," Reynolds said on Friday (12 October). "We also are interested in looking at other locations in these markets to further expand our presence there."

7-Eleven has made a number of acquisitions this year. In August, it bought 74 outlets from licencee Prima Marketing in West Virginia.

In July, 7-Eleven announced a deal to buy the retail and wholesale businesses of Tetco to expand its presence in Utah and Texas.

This year, the retailer has also bought another batch of stores in Texas, as well as in North Carolina and South Carolina.

Show the press release

 

7-Eleven, Inc. Growth Continues with Two Acquisitions

DALLAS, Oct. 12, 2012 /PRNewswire/ -- 7-Eleven, Inc. announced today two acquisitions, expanding its U.S. store portfolio. The company has closed deals with EZ Energy USA, Inc. to purchase 67 retail locations in the Cleveland, Ohio, and Pittsburgh, Pa., markets and with its licensee, Handee Marts Inc., to acquire 58 7-Eleven convenience stores in those same markets as well as locations in northern West Virginia and western Maryland.

(Logo: http://photos.prnewswire.com/prnh/20101208/DA14293LOGO)

Terms of the deals were not disclosed.

The EZ Energy purchase includes Easy Trip and BP convenience stores and the wholesale fuel-supply business that supports 20 of EZ Energy's dealer-operators. EZ Energy locations offer mostly BP- and Marathon-branded gasoline.

Handee Marts has 38 stores offering gasoline under a variety of brands, including Exxon, Gulf, BP, Valero and Sunoco.

EZ Energy USA, Inc. in Seven Hills, Ohio, operates the Easy Trip stores. Its parent company is EZ Energy Ltd. in Israel. The Handee Marts office is in Gibsonia, Pa.

"These two acquisitions provide 7-Eleven with an excellent opportunity to have a strong presence immediately in both the Cleveland and Pittsburgh areas," said Stan Reynolds, 7-Eleven, Inc.'s executive vice president and CFO. "We also are interested in looking at other locations in these markets to further expand our presence there."

7-Eleven, Inc. will add its proprietary retail information system and technology for enhanced product-ordering capabilities. The retailer's 7-Select private brand and other well-known proprietary products like 7-Eleven coffee, Slurpee® and Big Gulp® drinks, grill products plus standard convenience-store items will be offered. The company will soon offer money orders and accept food stamps.

7-Eleven plans to rebrand EZ Energy's stores starting early 2013.

Last month, 7-Eleven closed a deal with another of its domestic licensees, Prima Marketing, which added 74 locations to 7-Eleven, Inc.'s roster of stores, mostly in West Virginia, but also in Ohio, Pennsylvania and Kentucky. Currently, the company operates and franchises 181 stores in Pennsylvania and 11 in Ohio.

 

Original source: 7-Eleven