IRVING, Texas --7-Eleven Inc. has closed on the sale of two truckstops and one convenience store to Parkland Fuel Corp.
7-Eleven acquired the three facilities, two in Cheyenne, Wyo., and one in Laramie, Wyo., along with 76 c-stores in California as part of its acquisition of CST Brands Inc.’s West Coast portfolio in July.
The stores, which include a 10,300-square-foot truckstop that recently was redeveloped, are all high-volume profitable retail locations that are expected to sell more than 15 million gallons of fuels on an annual basis.
Because 7-Eleven did not operate any stores in Wyoming at the time of the closing on CST’s West Coast portfolio, it entered into an agreement with CST to have CST continue to operate the stores through a temporary lease agreement. 7-Eleven determined it was in its best interest to divest these Wyoming properties because of its lack of store concentration around these markets.
Red Deer, Alberta-based Parkland is one of Canada’s largest independent marketers of fuel. It delivers gasoline, diesel, propane, lubricants, heating oil and other petroleum products to motorists, businesses, households and wholesale customers in Canada and the United States. It also owns Minot, N.D-based SPF Energy Inc., the holding company for Superpumper Inc. and Farstad Oil Inc. Superpumper owns and operates 21 convenience stores in North Dakota, Minnesota and Montana under the Superpumper and SPF brands.
“This acquisition will expand the Parkland USA presence in Wyoming by adding our first truckstops and retail stations in that state,” Bob Espey, Parkland’s president and CEO, said when the companies announced the deal. “We are excited to service customers at these sites under the SPF banner.”
7-Eleven engaged Richmond, Va.-based Matrix Capital Markets Group Inc. to manage and execute the sale in a compressed time frame. Matrix provided merger and acquisition advisory services, which included valuation advisory and marketing of the stores through a confidential, structured-sale process.
Based in Irving, Texas, 7‑Eleven operates, franchises or licenses more than 60,000 stores in 17 countries, including 10,700 in North America.
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