7-Eleven's Buying Binge Takes TETCO
Published in CSP Daily News
Acquiring as many as 280 company-op stores concentrated in Texas
DALLAS & SAN ANTONIO -- 7-Eleven's buying binge continues with its biggest deal of the year yet. And this one comes a relative stone's throw away from its Dallas headquarters. The country's largest convenience retailer has acquired a significant number of retail assets from San Antonio-based TETCO Inc., the 60-year-plus chain founded by Tom E. Turner.
As reported in a Raymond James/CSP Daily News Flash yesterday, 7-Eleven Inc. has signed an agreement to acquire the retailer's company-operated convenience stores.
Sources put the number of stores at between 174 and 185. Others put it at between 250 and 280 stores.
While they declined to confirm or offer specifics on the deal, officials with TETCO referred inquiries to 7-Eleven corporate.
7-Eleven did not respond to a CSP Daily News request for comment by press time.
Sources said the acquisition will be effective November 1.
TETCO has been owned and operated by the Turner family. C-store operations, construction and equipment sales, fuel system sales and service, petrochemical distribution and environmental engineering are the company's primary revenue sources, with significant interests in oil and gas exploration, real-estate development, paving and utility construction.
TETCO operates stores in Texas, as well as Arizona, Colorado, Louisiana, Nevada, New Mexico, Oklahoma, Utah and Wyoming. The majority of its company-operated sites are in three markets: San Antonio, Dallas/Fort Worth and Austin, Texas. It has a strong dealer network and offers numerous services to the dealers through its Tetco Stores LP division. There are 756 locations in total, offering brands including Chevron, CITGO, Conoco, Exxon, FINA, Phillips 66, Ram, Shamrock, Shell, Texaco and Valero.
Recent 7-Eleven acquisitions include:
- Open Pantry, Pleasant Prairie, Wis., 18 stores (June 2012).
- Strasburger Enterprises, Temple, Texas, 23 stores (June 2012).
- Sam's Mart, Matthews, N.C., 33 stores (January 2012).
- Exxon Mobil Corp., Houston, 51 stores (January 2012).
- Wilson Farms, Buffalo, N.Y., 188 stores (June 2011).
(See Related Content below for previous CSP Daily News coverage.)
Based in Dallas, 7-Eleven operates, franchises or licenses more than 9,300 7-Eleven stores in North America. Globally, there are more than 46,800 7-Eleven stores in 16 countries. During 2011, 7-Eleven stores worldwide generated total sales of more than $76.6 billion.