“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,” says 7-Eleven VP of mergers and acquisitions.
Located in the western half of the U.S., the acquisition includes sites in California, Oregon, Washington and Colorado.
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 are expected to 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.”
“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,” said PC&F general manager Chris Wilson.
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. Approximately 15 stores will require only interior and imaging changes, which should be completed by the end of the year, while the balance will undergo more extensive remodeling. All stores will be available for franchise.
Once remodeled and rebranded, each store will carry 7-Eleven signature products, such as Slurpee and Big Gulp beverages, fresh food and grill offerings, along with 7-Select products (7-Eleven’s private brand) and standard convenience-store items.
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.
Currently, 7-Eleven, Inc. operates and franchises more than 6,500 stores in the U.S.