Little Sue Growing Up

Neighborhood Convenience Inc., the Gloucester, Va.-based convenience store group operating the Little Sue chain, reached a deal to sell seven stores to 7-Eleven Inc., in a deal brokered by Matrix Capital.

All of the stores, which sell Exxon fuels, will be rebranded to 7-Eleven over the next few months, the companies said.

Founded in 1972, Little Sue has built significant customer recognition and loyalty in its market. Since 1996, the chain has been owned by John Steele. Last summer, Steele engaged Matrix to structure and manage a confidential sale process in order to maximize shareholder value. Terms of the deal, which closed Jan. 18, were not disclosed.

"The strength of the Little Sue brand, the chain’s customer loyalty, and its exceptional management and store personnel made the business a very attractive opportunity for a buyer and were all key factors in the amount of competition that resulted for the assets," said Cedric Fortemps, vice president of Matrix, who co-managed the transaction.

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