7-Eleven(R) Acquires New England Pantry
New England White Hen Stores Join 7-Eleven® Stores to Bring Consumers Added Convenience
DALLAS --(BUSINESS WIRE)-- 7-Eleven, Inc. has announced the acquisition of New England Pantry, a company that operates 58 convenience stores under the White Hen Pantry brand, from affiliates of Sanders Morris Harris Group Inc., a Houston-based wealth management firm. Financial terms of the transaction were not disclosed. The acquisition significantly expands 7-Eleven's presence in the greater Boston area, bringing the number of outlets 7-Eleven operates and franchises to more than 170.
"This acquisition significantly strengthens our convenience offering in greater Boston," said Bob Cozens, vice president for 7-Eleven's Northeast Division. "White Hen Pantry has a 40-year history of providing good customer service and high-quality products to consumers in the Boston area and we want to continue that tradition."
Andy Brothers, who has served as the New England White Hen Pantry stores CEO, joins 7-Eleven's management team and will support the transition, said, "The acquisition of New England Pantry by 7-Eleven will provide our customers, franchisees and employees with additional opportunities by joining the leading convenience retailer's store network. Franchises will be able to capitalize on 7-Eleven's brand strength, extended line-up of proprietary and private label products, and proven business system." Brothers and the New England Pantry management team will continue to work out of their Norwood, Mass., office.
The company anticipates that stores operating under the White Hen Pantry brand will begin converting to stores to the 7-Eleven brand in 2010.
About 7 Eleven, Inc.
7 Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses some 8,000 7-Eleven® stores in North America. Globally, 7-Eleven operates, franchises or licenses more than 37,100 stores in 16 countries. During 2008, 7-Eleven stores worldwide generated total sales of more than $53.7 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #3 in Forbes magazine's Top 20 Franchises to Start, #3 among Top 100 Global Franchises by Franchise Direct, #3 in Store Growth by Convenience Store News, #2 in Franchise Times Top 200 Franchise Companies and #29 among Top 100 Chains in Food Service. In addition, Hispanic Magazine's named 7-Eleven in its Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 7-Eleven recently was selected by three diversity publications as a company offering the best career and franchisee opportunities. 7-Eleven is franchising its stores in the U.S., and is expanding through organic growth, acquisitions, and its Business Conversion Program.
About Sanders Morris Harris Group
Sanders Morris Harris Group is a wealth management company that manages approximately $10.6 billion in client assets. Client assets include the gross value of assets under management directly or via outside managers and assets held in brokerage accounts for clients by outside clearing firms. Its corporate philosophy of investment in common aligns its interests with those of its clients. Sanders Morris Harris has more than 600 employees in 21 states.