7-Eleven Takes Tiger By the Tail in Texas
Published in CSP Daily News
Closes on C.L. Thomas transaction for 143 stores, 150 dealer-op distribution deals
DALLAS -- 7-Eleven Inc. has officially announced the closing on Dec. 31 of its acquisition of 143 Speedy Stop and Tigermarket retail locations from C. L. Thomas Inc., Victoria, Texas, continuing its expansion in the Lone Star State.
The deal--first exclusively reported in a Raymond James/CSP Daily News Flash in October--increases 7-Eleven stores' footprint in San Antonio, where recently the country's largest convenience retailer purchased 25 stores as part of its acquisition from TETCO Inc.
(See Related Content below for previous coverage, including the cover story in the January issue of CSP magazine).
It also adds to 7-Eleven's growing fuel wholesale-delivery business because the acquisition includes gasoline distribution to approximately 150 dealer-operated sites.
"We continue to build our presence in a rapidly growing area of the U.S., along the I-35 corridor from north of Dallas/Fort Worth to the Mexican border," said Stan Reynolds, 7-Eleven executive vice president and CFO. "We expect to grow to more than 700 7-Eleven stores in Texas from last year's 342 with this and other acquisitions we've made in 2012."
7-Eleven plans to interview and offer qualified employees positions within the company.
The company will remodel and rebrand a significant number of the locations in 2013. Customers 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.
Dallas-based 7-Eleven operates, franchises or licenses more than 9,500 7-Eleven stores in North America, with more than 48,400 7-Eleven stores in 16 countries. During 2011, 7-Eleven stores worldwide generated total sales of approximately $76.6 billion.