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2020 Retail Chain Dossier: Seven & i Holdings Co. Ltd.

How the coronavirus squelched the biggest potential deal of the year
Photo illustration by CSP Staff

IRVING, Texas — In 2019, five convenience-store chains rose to the top of the most aggressive growth companies in the industry. As part of its 2020 Top 202 list, CSP analyzes those chain's standing in mergers, acquisitions and new-store construction.

Since this dossier was written, 7-Eleven Inc. has entered into a definitive agreement to acquire the Speedway, the third-largest c-store chain in the United States, for $21 billion in cash. The transaction, which includes a 15-year fuel supply agreement, is expected to close in the first quarter of 2021. 

Seven & i Holdings Co. Ltd.

Headquarters: Tokyo

2020 Rank: No. 1 (7-Eleven in the United States)

Code Name: The Big Gulp

Insight:Known to carry out major deals, the company concluded a flirtation with the 3,900-store Speedway chain earlier this year.

Of all the channel’s consolidators, Seven & i, the parent of 7-Eleven in the United States, has the wherewithal to maintain the dominance of its brand, operating more than 69,000 stores in 18 markets globally.

Earlier in 2020, 7-Eleven Inc., Irving, Texas, announced its purchase of about 100 stores from the independent chain 7-Eleven Stores, Oklahoma City, even as Seven & i pulled its reported $22 billion bid for Findlay, Ohio-based Marathon Petroleum’s Speedway chain.

Ultimately for Seven & i, Speedway’s price tag and concerns over the pandemic’s economic ramifications scuttled the deal, according to the Nikkei Asian Review. Irving, Texas-based 7-Eleven Inc. did not respond to a CSP request for comment. Marathon officials also declined to comment on the Seven & i negotiations but told CSP, “We continue with our plans to separate Speedway, targeting the fourth quarter of this year for completion of the transaction.”

The acquisition of Speedway, which is No. 3 on CSP’s Top 202 list, would have cemented 7-Eleven’s position as the leading U.S. c-store retailer, creating a portfolio of more than 13,260 stores.

TDR Capital, a private equity firm connected to Blackburn, U.K.-based c-store retailer EG Group, was also reportedly considering a bid for the Enon, Ohio-based chain.

Click here to view complete Top 202 list.

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