7-Eleven, Inc. Continues Fast-Paced U.S. Growth with Acquisition of Massachusetts-Based Tedeschi Food Shops
May 19, 2015 // Franchising.com // BOSTON - 7-Eleven, Inc. announced that it has agreed to acquire Tedeschi Food Shops, Inc.'s approximately 182 convenience stores in the greater Boston, Massachusetts area and in New Hampshire. The transaction is anticipated to close in mid 2015, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
"Tedeschi is a respected brand and this acquisition fits in perfectly with 7-Eleven's growth strategy," said Stan Reynolds, Executive Vice President and Chief Financial Officer of 7-Eleven, Inc. "This move was made possible by 7-Eleven reinvesting the return from previous successful acquisitions to continue the company's growth as the world's largest convenience retailer. These high-volume, high-performing locations complement our existing real estate portfolio in the Boston, Massachusetts and New Hampshire area."
7-Eleven expects to extend job offers to most Tedeschi Food Shops 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 164 stores in the greater Boston area and New Hampshire.
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 nearly 10,500 7?Eleven® stores in North America. Globally, there are more than 55,400 7-Eleven stores in 16 countries. During 2013, 7-Eleven stores generated total worldwide sales close to $84.5 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #2 on Franchise Times Top 200 Franchise Companies for 2013, #1 on Entrepreneur magazine's 2014 Top Global Franchise list, #10 spot on Entrepreneur magazine's Franchise 500 list for 2015 and #3 in Forbes magazine's Top 20 Franchises to Start. 7-Eleven is # 3 on Fast Company magazine's 2013 list of the "World's Top 10 Most Innovative Companies in Retail." 7-Eleven places among Top Veteran-Friendly Companies for 2014 by U.S. Veterans Magazine and is among GI Jobs magazine's Top 100 Military Friendly Employers for 2014. Hispanic Magazine named 8-Eleven among its Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 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.