7-Eleven DFW Deal With ExxonMobil Done
Completes acquisition of 51 N. Texas locations, continues accelerated store growth
Published in CSP Daily News
DALLAS -- 7-Eleven Inc. said that it has completed the transaction with Exxon Mobil Corp. to acquire retail interests in 51 North Texas sites. The transaction concluded January 20; terms of the deal were not disclosed.
The 51 sites, all of which are in the greater Dallas-Fort Worth (DFW) area, include two unused parcels of land.
"This acquisition fits well with our aggressive growth strategy," said Robbie Radant, 7-Eleven's vice president of mergers and acquisitions. "We met our goal of opening 650 stores in 2011, and with this acquisition 2012 is off to a great start."
As reported in a Morgan Keegan/CSP Daily News Flash on Friday, the majority of locations will be rebranded as 7-Eleven stores. The stations will retain the Exxon gasoline brand, allowing consumers to continue to purchase the same high-quality Exxon fuels and use their ExxonMobil credit cards and Speedpass devices.
7-Eleven will start remodeling and rebranding the locations soon, with the bulk of the work anticipated to be completed by the end of 2012. 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. The stores also will be available for franchise.
"7-Eleven has extended job offers to qualified ExxonMobil employees who are affected by this acquisition, and we welcome them to the 7-Eleven team," said Radant.
Currently, 7-Eleven operates and franchises 340 stores in Texas with 220 in greater DFW. The company has added 12 7-Eleven stores in North Texas since the start of 2011, of which 10 were in the DFW area.
Dallas-based 7-Eleven operates, franchises or licenses more than 9,100 7-Eleven stores in North America. Globally, there are more than 44,600 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales close to $63 billion.