7-Eleven, Inc. Increases Canadian Presence with Acquisition of Imperial Oil Locations
IRVING, Texas - March 8, 2016 // PRNewswire // - 7-Eleven, Inc. announced today that its wholly owned subsidiary, 7-Eleven Canada, Inc., has agreed to acquire approximately 148 convenience and fuel retail sites from Imperial Oil of Canada. The sites are located in the provinces of British Columbia and Alberta, and include the metropolitan areas of Vancouver, Calgary and Edmonton. Anticipated to close later this year, the transaction is subject to standard closing conditions and regulatory approvals.
"The acquisition of these prime locations will increase our presence in westernCanada and build on 7-Eleven's already strong brand recognition in the country," said Stan Reynolds, 7-Eleven executive vice president, chief administrative officer and chief financial officer. "This acquisition is an important step in continuing the company's growth as the world's largest convenience retailer."
Upon the closing of the transaction, 7-Eleven will continue to market Esso-branded fuel supplied by Imperial. During a transition period, most of the convenience stores will be converted to 7-Eleven stores – remodeled and stocked with a full assortment of fresh products.
Currently, 7-Eleven, Inc. operates more than 500 stores in Canada.
About 7-Eleven, Inc.
7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Irving, Texas, 7-Eleven operates, franchises and licenses more than 10,700 7-Eleven® stores in North America. Globally, there are some 58,400 7-Eleven stores in 17 countries. 7-Eleven has been honored by a number of companies and organizations. Accolades include placing #7 on Entrepreneur magazine's Franchise 500 list for 2016, #1 on Entrepreneur magazine's 2014 Top Global Franchise list; #10 spot on Entrepreneur magazine's Franchise 500 list for 2015; #1 on "Best Retail Franchises" list for April 2015 by FranchiseRankings.com; #3 on Forbes magazine's Top 20 Franchises to Start; and is among GI Jobs magazine's Top 100 Military Friendly Employers for 2016. 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.