DALLAS -- 7-Eleven Inc. officially announced that it has closed on the acquisition of 46 locations from CB Mart Inc. in South Carolina. As reported in a Raymond James/CSP Daily News Flash last week, the company has already begun converting the stores.
The acquisition increases 7-Eleven's store count in the Carolinas to more than 100 and follows the acquisition of 55 Sam's Mart and 13 Fast Track stores that closed in 2012.
"7-Eleven is committed to building its presence in the Carolinas and bringing our proprietary products to the acquired Hickory Point and Palms locations as the stores are converted to the 7-Eleven brand," said Stan Reynolds, 7-Eleven executive vice president and CFO.
Besides Slurpee and Big Gulp drinks, coffee and Big Bite hot dogs, consumers eventually will see in the stores 7-Eleven's proprietary foods including hot pizza, chicken wings and tenders, mini-tacos, fresh-made- sandwiches and salads, fresh baked goods and hundreds of 7-Eleven's 7-Select private-brand items.
7-Eleven has offered employment to existing store personnel, it said.
The acquisition is part of the major convenience retailer's accelerated growth plan. 7-Eleven opened or acquired more than 1,000 stores in the U.S. and Canada in 2012 and added almost 4,900 worldwide.
Robert L. Valentine of Trefethen Advisors LLC advised CB Mart on the deal. Marvin Quattlebaum and Frank Williams of Smith Moore Leatherwood LLP served as legal counsel to CB Mart for this transaction.
CB Mart operates the stores for Belton, S.C.-based O'Dell Oil Co. Inc.
Terms of the deal were not disclosed.
Based in Dallas, 7-Eleven operates, franchises or licenses more than 10,000 7-Eleven stores in North America. Globally, 7-Eleven has some 50,000 stores in 16 countries. During 2011, 7-Eleven stores generated total worldwide sales close to $76.6 billion.
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