7-Eleven Closes Deal to Purchase TETCO Stores
DALLAS, Nov. 2, 2012 // PRNewswire // - 7-Eleven, Inc. today announced that it has acquired the retail and wholesale dealer assets of San Antonio-based TETCO, Inc., closing a deal that was announced Aug. 14. The assets include 163 company-operated convenience stores in Utah and the Dallas-Fort Worth, Austin and San Antonio areas of Texas plus fuel distribution to TETCO's wholesale-dealers.
Terms of the deal were not disclosed.
The acquisition signals a return to San Antonio for 7-Eleven, where the company had operated stores until 1989.
Because of the combination of TETCO's retail and wholesale operations this is 7-Eleven's largest acquisition since the company accelerated its growth plan four years ago. As part of this purchase, 7-Eleven is acquiring TETCO's motor fuel wholesale-dealer business with some 500 customers. The company plans to retain and build the wholesale gasoline business as an integral part of 7-Eleven's overall growth strategy.
"The TETCO convenience store locations we are purchasing are very high quality sites," said Stan Reynolds, 7-Eleven executive vice president and CFO. "They not only complement areas where we currently operate, but the stores in San Antonio allow 7-Eleven to strategically expand its footprint in Texas."
7-Eleven will remodel and rebrand the bulk of these locations over the next year. Customers in these areas can expect more outlets for 7-Eleven's fresh foods delivered daily, hot foods and signature products like 7-Select private brand, 7-Eleven coffee, Big Bite® hot dogs, Slurpee® and Big Gulp® drinks.
As the global leader of convenience retailing, 7-Eleven continues to grow its business in the U.S. through traditional store development, business conversions and acquisitions. The company plans to open at least 630 new 7-Eleven locations in the U.S. and Canada this year.
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 9,400 7-Eleven® stores in North America. Globally, there are some 48,100 7-Eleven stores in 16 countries. During 2011, 7-Eleven stores worldwide generated total sales close to $76.6 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; #3 spot on Entrepreneur magazine's Franchise 500 list for 2012, #3 in Forbes magazine's Top 20 Franchises to Start, and #2 in Franchise Times Top 200 Franchise Companies. Hispanic Magazine named 7-Eleven among 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.
SOURCE 7-Eleven, Inc.