Convenience store giant 7-ELeven has announced plans to buy 28 retail locations in the US from Pacific Convenience & Fuels (PC&F).
The acquisition includes sites in California, Oregon, Washington state and Colorado. The transaction is subject to closing conditions and regulatory approvals and is expected to close by the end of the year. Terms of the deal were not disclosed.
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7-Eleven, owned by Japanese retailer Seven & I Holdings, said it would remodel and rebrand the 28 locations, with most of the work due to be completed by the end of next year. The stores, however, will retain the Conoco-Phillips/76 gasoline brands.
Once remodelled and rebranded, each store will carry 7-Eleven products, such as Slurpee and Big Gulp beverages, fresh food and grill offerings, along with 7-Select products (7-Eleven’s private brand) and standard convenience-store items.
7-Eleven plans to extend job offers to the majority of PC&F employees who are affected by this acquisition upon successful completion of their pre-employment screening process and continued satisfactory performance.
“This is a strategic acquisition for us, increasing our store footprint in several of our most successful markets,” said 7-Eleven vice president of mergers and acquisitions Sean Duffy. “Year to date, 7-Eleven has added more than 400 new locations, and 2011 promises to be 7-Eleven’s biggest year for store growth since 1986.”
Last month, 7-Eleven announced it will acquire 51 stores in northern Texas from ExxonMobil. 7-Eleven operates and franchises more than 6,500 stores in the US.
