MIAMI -- Add 7-Eleven Inc. to the list of convenience-store retailers anxious to grow in Florida.
The largest c-store chain in North America added another 101 sites to its more than 10,000 locations with the purchase this week of Biscayne Petroleum LLC and Everglades Petroleum LLC, as reported in a 21st Century Smoke/CSP Daily News Flash yesterday.
“7-Eleven … believes that Florida represents a growing market and that the acquisition of the assets from these companies supports 7-Eleven’s desire to grow in the fuels and convenience business in Florida,” Margaret Chabris, director of corporate communications, told CSP Daily News.
In the deal, 7-Eleven Inc. and its wholly owned subsidiary SEI Fuel Services Inc. purchased the two companies in a transaction that consists of 94 controlled real-estate locations, seven fuel-supply-only contracts and some related assets.
The deal, which was facilitated by Matrix Capital Markets Group Inc., includes c-store assets in Miami, Dade, Palm Beach and Broward counties in Florida, with a few sites in the city of Naples. Biscayne and Everglades, companies led by Carlos Fontecilla and Arturo Zizold, owned the vast majority of the real estate at these sites.
“Having to sell our company was a difficult decision,” said Zizold, the companies’ CEO. “We are proud of all that has been accomplished. … We also are pleased to have 7-Eleven and SEI Fuels assume ownership of our sites.”
The gasoline stations will continue to sell Mobil-branded fuel, and a number of these sites are currently under consideration for rebranding as 7-Eleven c-stores.
Currently, two stores are being incorporated into the 7-Eleven retail business. The retailer will continue to examine the portfolio of assets and will consider other locations for potential conversion after that, Chabris said.
This acquisition comes on the heels of an announcement by executives at Wawa that the c-store chain has plans to build 120 or more convenience stores in South Florida between 2017 and 2022, the first of which will open in Palm Beach and Broward counties, with Miami-Dade County to follow in 2018.
“Our plan was always to have a presence across most of the state,” Chris Gheysens, Wawa's president and chief executive, said Monday, according to a Sun Sentinel report.
And last week, CST Brands Inc. finalized the acquisition of Flash Foods, a 164-store retailer with assets across Georgia and Northern Florida.
Based in Dallas, 7-Eleven Inc. operates, franchises or licenses some 10,700 7-Eleven stores in North America. Globally, there are nearly 57,400 7 Eleven stores in 17 countries.
Matrix provided merger and acquisition advisory services to Biscayne Petroleum LLC and Everglades Petroleum LLC., including valuation advisory, marketing of the company through a customized, confidential, structured sale process and negotiation of the transaction.