US convenience retailer 7-Eleven has agreed to acquire the retail interests of 28 locations from Pacific Convenience & Fuels LLC (PC&F).
Located in the western half of the US, the acquisition includes sites in California, Oregon, Washington and Colorado, and brings the retailer’s acquisitions this year up to over 400 sites.
The transaction is expected to close in the fourth quarter of 2011, subject to closing conditions and regulatory approvals. Terms of the deal were not disclosed.
The 28 sites include two unused parcels of land. All of the locations will eventually be rebranded as 7-Eleven store operations, and all will retain the Conoco-Phillips/76 gasoline brands, allowing customers to continue to purchase branded fuel and use their existing credit cards issued under that brand.
"This is a strategic acquisition for us, increasing our store footprint in several of our most successful markets," said Sean Duffy, 7-Eleven vice president of mergers and acquisitions. "Year to date, 7-Eleven has added more than 400 new locations, and 2011 promises to be 7-Eleven's biggest year for store growth since 1986."
PC&F general manager Chris Wilson said, "The sale of these assets from Pacific Convenience & Fuels represents the company's strategy of divesting selected non-core assets, which strengthens the company and positions PC&F for future opportunities."
After the transaction closes late this year, 7-Eleven will start remodeling and rebranding the locations, with the bulk of the work anticipated to be completed by the end of 2012. All stores will be available for franchise.
7-Eleven plans to extend job offers to the majority of PC&F employees who are affected by this acquisition upon successful completion of their pre-employment screening process and continued satisfactory performance.
Based in Dallas, Texas, 7-Eleven is the world’s largest convenience store chain. It currently operates, franchises or licenses more than 8,800 stores in North America. Globally, there are approximately 42,700 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales close to $63 billion.
The company's first convenience outlets were known as Tote'm stores. In 1946, Tote'm became 7-Eleven to reflect the stores' new, extended hours - 7am to 11pm, seven days a week.
Pacific Convenience & Fuels is based in Pleasanton, California, and currently owns more than 570 stores in California, Colorado, Nevada, Oregon, Texas and Washington through multiple channels of trade including company owned and operated, fee operated and dealer operations.
