DALLAS --(BUSINESS WIRE)-- 7-Eleven, Inc. today announced that it has closed on an agreement to purchase 14 gasoline locations in Virginia from Quarles Petroleum, Inc. of Fredericksburg, Va. The stores will be re-branded as 7-Eleven operations, and these sites will continue to sell Shell gasoline. Financial details of the transaction will not be disclosed.
The locations are part of a 20-store divestiture Quarles offered through Matrix Capital Markets Group, Inc. of Richmond.
7-Eleven Mergers and Acquisitions Vice President Sean Duffy said, "The addition of these 14 locations in Virginia complements our strategy of growing in areas where we currently operate and takes advantage of our daily delivery of fresh foods and other time-sensitive products."
Starting this month, the new 7-Eleven locations will be remodeled, yet remain open during the work. Each store will be equipped to sell 7-Eleven signature products, like fresh food and grill items, coffee, Slurpee® and Big Gulp® beverages. The locations will then be offered for franchise. Meanwhile, 7-Eleven provided employment to Quarles store personnel.
In addition to Shell gasoline, five stores sell diesel fuel that will be changed to the 7-Eleven brand. Quarles Fleet Cards will continue to be accepted at the former Quarles locations.
This brings the number of 7-Eleven stores operated and franchised in Virginia to 674.
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 close to 8,200 7-Eleven® stores in North America. Globally, 7-Eleven operates, franchises or licenses more than 38,000 stores in 16 countries. During 2009, 7-Eleven stores worldwide generated total sales of more than $58.9 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #3 spot on Entrepreneur magazine's Franchise 500 list for 2009, #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 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. In addition, the company received the 2009 Shopper-Centric Marketing Innovation from Symphony IRI and the 2010 Retailer of the Year award from PL Buyer because of the company's private-label brand program.