7-Eleven Inc. has entered into an agreement to acquire 204 stores from Sunoco LP, which includes Stripes convenience stores and Laredo Taco Company restaurants, for approximately $1 billion. Located across West Texas, New Mexico and Oklahoma, these stores will join the more than 13,000 7-Eleven, Speedway and Stripes locations that 7-Eleven operates, franchises or licenses across the United States and Canada.
As part of the current sale, Sunoco will also amend its existing take-or-pay fuel supply agreement with 7-Eleven to incorporate additional fuel gross profit. Proceeds from the sale will allow Sunoco to materially reduce leverage to execute on future growth opportunities while maintaining a strong balance sheet and multi-year distribution growth, Sunoco said.
The transaction will close promptly after satisfaction of customary closing conditions, including necessary regulatory clearance. With the addition of these stores, 7-Eleven will own and operate all Stripes and Laredo Taco Company locations nationwide.
“Stripes and Laredo Taco Company have been a great addition to our family of brands since they initially joined us back in 2018,” said Joe DePinto, CEO of 7-Eleven Inc. “We’re excited to welcome the remaining Stripes stores and Laredo Taco Company restaurants to the family, and we look forward to serving even more customers across West Texas, New Mexico and Oklahoma.”
Dallas-based Sunoco LP is a master limited partnership (MLP) with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 40 U.S. states and territories as well as refined product transportation and terminalling assets. Sunoco’s general partner is owned by Energy Transfer LP.
- 7-Eleven Inc. is No. 1 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by store count.
Based in Irving, Texas, 7-Eleven operates, franchises or licenses more than 13,000 stores in the United States and Canada. In addition to 7-Eleven stores, the company operates and franchises Speedway and Stripes stores and the Laredo Taco Company and Raise the Roost Chicken and Biscuits brands.
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