7-Eleven Signs Agreement with ExxonMobil to Acquire 183 Florida Locations
Retailer Continues Aggressive Store Growth
DALLAS, Dec. 8, 2010 // PRNewswire // -- 7-Eleven, Inc. announced today that it has agreed to acquire ExxonMobil's retail interests in 183 Florida sites. The transaction is anticipated to close early in 2011, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
Included in the acquisition is a combination of company- and dealer-operated sites located in Orlando, Southwest Florida, Palm Beach and Broward County. The 183 sites include five unused parcels of land. The majority of locations will be rebranded as 7-Eleven® operations, and all will retain the Mobil gasoline brand, allowing customers to continue to purchase Mobil-brand fuel and use the ExxonMobil credit card.
"This acquisition fits well with our aggressive growth strategy," said Sean Duffy, 7-Eleven vice president of mergers and acquisitions. "This purchase of these ExxonMobil sites adds to the approximately 750 locations that 7-Eleven has acquired or added since 2007 when we ramped up our expansion efforts."
After the transaction closes early next year, 7-Eleven will begin remodeling and reimaging the locations, with work anticipated to be completed over a two-year period. Each location will carry 7-Eleven signature products, such as Slurpee® and Big Gulp® beverages, fresh food and grill offerings, along with standard convenience-store items.
Duffy added, "The high-volume locations complement our existing real estate portfolio in Florida. The combination of the 7-Eleven and Mobil brands and the addition of so many 7-Eleven outlets in high-traffic locations will make a compelling retail offering for convenience-oriented consumers."
7-Eleven will extend employment offers to all of the approximately 1,300 impacted ExxonMobil employees upon successful completion of their pre-employment screening process and continued satisfactory performance.
Currently, 7-Eleven, Inc. operates and franchises 610 stores in Florida.
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 more than 8,300 7-Eleven® stores in North America. Globally, 7-Eleven operates, franchises or licenses close to 39,500 stores in 16 countries. During 2009, 7-Eleven stores worldwide generated total sales of $58.9 billion. 7-Eleven has been honored by a number of companies and organizations. 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 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. Find out more online at www.7-Eleven.com.
SOURCE 7-Eleven, Inc.