DALLAS -- In a deal that the company says fits in well with its "aggressive" growth strategy, 7-Eleven Inc. announced late yesterday that it has agreed to acquire ExxonMobil's retail interests in 183 locations in Florida. Currently, 7-Eleven operates and franchises 610 stores in the Sunshine State.
As reported in a Morgan Keegan/CSP Daily News Flash, included in the acquisition is a combination of company- and dealer-operated sites located in Orlando, southwestern Florida, Palm Beach and Broward County. The 183 sites include five unused parcels of land. The majority [image-nocss] of locations will be rebranded as 7-Eleven operations, and all will retain the Mobil gasoline brand, allowing customers to continue to purchase Mobil-branded fuel and use the ExxonMobil credit card.
"This acquisition fits well with our aggressive growth strategy," said Sean Duffy, 7-Eleven vice president of mergers and acquisitions. "This purchase of these ExxonMobil sites adds to the approximately 750 locations that 7-Eleven has acquired or added since 2007 when we ramped up our expansion efforts."
He added, "The high-volume locations complement our existing real-estate portfolio in Florida. The combination of the 7-Eleven and Mobil brands and the addition of so many 7-Eleven outlets in high-traffic locations will make a compelling retail offering for convenience-oriented consumers."
After the transaction closes early next year, 7-Eleven will begin remodeling and reimaging the locations, with work anticipated to be completed over a two-year period. 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.
7-Eleven will extend employment offers to all of the approximately 1,300 impacted ExxonMobil employees upon successful completion of their pre-employment screening process and continued satisfactory performance.
The transaction is anticipated to close early in 2011, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
Dallas-based 7-Eleven operates, franchises or licenses more than 8,300 stores in North America. Globally, it operates, franchises or licenses approximately 39,500 stores in 16 countries. During 2009, 7-Eleven stores worldwide generated total sales of $58.9 billion.
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