7-Eleven Inc. has completed its acquisition of 204 convenience stores from Sunoco LP, which includes Stripes c-stores and Laredo Taco Company restaurants. Sunoco divested the stores for approximately $1 billion.
Located across West Texas, New Mexico and Oklahoma, these stores 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.
With the closing, 7-Eleven now owns and operates all Stripes and Laredo Taco locations in the United States.
“Stripes and Laredo Taco Company have been a great addition to our family of brands since they first joined us back in 2018. That deal provided us a valuable brand to grow our restaurant offering,” said Joe DePinto, CEO of 7-Eleven. “We’re excited to welcome the remaining Stripes stores and Laredo Taco Company restaurants to the family, and we look forward to serving customers across West Texas, New Mexico and Oklahoma.”
Sunoco sold the stores to optimize its portfolio while positioning its balance sheet for material growth, it said. As part of the sale, Sunoco amended its existing take-or-pay fuel supply agreement with 7-Eleven to incorporate additional fuel gross profit.
Sunoco sold most of its company-operated retail outlets to 7-Eleven Inc., Irving, Texas, closing on the acquisition of about 1,030 Sunoco c-stores in 17 states, mainly in Texas, New York and Florida, in January 2018. In April 2018, it created a commission agent, Cal’s Convenience Inc., Frisco, Texas, for its Stripes c-stores. Sunoco still has approximately 80 company-owned retail sites, including a presence on the New Jersey turnpike and 54 Aloha Petroleum sites in Hawaii.
Dallas-based Sunoco 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 terminaling assets in the United States and Europe. Sunoco’s general partner is owned by Energy Transfer LP.
- 7-Eleven isNo. 1 on CSP’s 2024 Top 40 Update to the2023 Top 202 ranking of U.S. c-store chains by store count. Watch for the full 2024 Top 202 ranking in the June issue of CSP magazine and in CSP Daily News.
Irving, Texas-based 7-Eleven operates, franchises or licenses more than 13,200 convenience stores in the United States and Canada. In addition to 7-Eleven c-stores, the company operates and franchises Speedway and Stripes c-stores and the Laredo Taco Company and Raise the Roost Chicken and Biscuits brands.
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