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 will 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.″
PC&F general manager Chris Wilson said, ″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.″
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.
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 8,800 7-Eleven® stores in North America. Globally, there are approximately 42,700 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales close to $63 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #2 on Forbes magazine's 2011 list of Top Franchises for the Money; #4 spot on Entrepreneur magazine's Franchise 500 list for 2009, #3 in Forbes magazine's Top 20 Franchises to Start, and #2 in Franchise Times Top 200 Franchise Companies. Hispanic Magazine named 7-Eleven in its Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 7-Eleven received the 2010 Retailer of the Year honor from PL Buyer because of the company's private-label brand initiative. 7-Eleven is franchising its stores in the U.S. and expanding through organic growth, acquisitions and its Business Conversion Program. Find out more online at www.7-Eleven.com.
Pacific Convenience & Fuels is based in Pleasanton, Calif., and currently owns more than 570 stores in California, Colorado, Nevada, Oregon, Texas and Washington through multiple channels of trade including company owned and operated, fee operated and dealer operations.
SOURCE 7-Eleven, Inc.