7-Eleven will buy Sunoco Stores for $3.3 Billion
7-Eleven, Inc., announced it has entered into an agreement to buy convenience stores and gas stations from Sunoco LP for about $3.3 billion.
The largest chain in the convenience-retailing industry will acquire approximately 1,108 convenience stores located in 18 states from the Texas-based company.
“This acquisition supports our growth strategy in key geographic areas including Florida, mid-Atlantic states, Northeast states, and Central Texas,” said Joe DePinto, President and Chief Executive Officer of 7-Eleven Inc. “It also provides 7-Eleven entry into Houston, the 4th largest city in the United States, and a strong presence in Corpus Christi and across South Texas.
As part of the transaction, Sunoco will enter into a 15-year take-or-pay fuel supply agreement, under which Sunoco will supply approximately 2.2 billion gallons of fuel annually. This supply agreement will have guaranteed annual payments to the Texas company, provides that 7-Eleven will continue to use the Sunoco brand at currently branded Sunoco stores and includes committed growth in future periods.
7-Eleven, Inc. has 8,707 stores in the United States and Canada. This acquisition will be one of the largest in the company, Inc.’s history, and it will bring their total number of stores to 9,815 in the U.S. and Canada.
Seven & i Holdings which operates the 7-Eleven chain of convenience stores, has been aggressively opening stores in Japan and the United States. Most recently, 7-Eleven Inc acquired 79 stores in California and Wyoming from CST Brands Inc in July last year.
7-Eleven Inc has said it aims to increase its number of stores to 10,000 over the three years through 2019.
The transaction is expected to close in the second half of this year.
Coffee from Mexico now available in 7-Eleven stores
7‑Eleven, Inc. has introduced its second single-origin coffee, this time from the Chiapas growing region of Mexico.
Rainforest Alliance Certified™, the new premium, sustainable coffee is made exclusively from beans harvested in the mountainous highlands of southern Mexico, an area known for its dense rain forests and ancient Mayan ruins. Notes of cocoa balance the full-bodied, dark roast, which has a smooth, clean finish.
The world’s largest convenience retailer introduced its first single-origin coffee, sourced from Nicaragua, last fall.
7‑Eleven coffee drinkers’ taste preferences continue to shift toward darker, richer flavors. With 100 percent Colombian coffee experiencing the fastest growth in its hot beverage lineup, the retailer introduced the darker roast, single-origin coffee from Nicaragua last fall, explained the company in a press release.
The new Mexican single-origin coffee is bolder still, with roast levels falling between the Colombian and Brazilian Bold flavors giving their customers more of a selection in the flavor profiles that they like.
