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.
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“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.
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