MERIDIAN, Idaho — Jacksons Food Stores Inc. has acquired 62 Speedway and 7-Eleven convenience stores with fuel in California, Arizona and Nevada from 7-Eleven Inc. in a deal announced in May. The closing on the final store included in the transaction occurred Oct. 4.
The stores acquired were among the 293 locations across 20 states that 7-Eleven is divesting to satisfy an agreement with the Federal Trade Commission (FTC) as part of its $21 billion acquisition of Enon, Ohio-based Speedway LLC from Marathon Petroleum Corp., Findlay, Ohio, which closed May 14. It was the biggest deal in the industry’s history.
The Meridian, Idaho-based family of Jackson companies own, operate and supply more than 1,340 stores across nine western states. The companies are vertically integrated, with fuel supplied by Jacksons Energy, full-line grocery and supplies distributed through Capitol Distributing and fresh food products supplied through Capitol Kitchens.
- Jacksons Food Stores is No. 30 in CSP’s 2021 Top 202 ranking of U.S. c-store chains by size. 7-Eleven is No. 1. Speedway was No. 3.
The acquisition is part of the company’s continued focus on growth and expansion into additional markets across the Western United States and will give Jacksons 58 stores in attractive California markets, where it previously had little to no presence. Many of the acquired stores will operate under two of the company’s brands, Jacksons Food Stores and ExtraMile.
“We are excited to serve customers in new markets with our clean, fast and friendly approach,” said Cory Jackson, president of Jacksons Food Stores.
“Today we build on this legacy by adding more talented associates and great locations to the Jackson family of companies to broaden who we serve and how we serve them,” said John Jackson, Founder and CEO of Jacksons Food Stores.
Since John D. Jackson founded Jacksons in 1975 as a single service station, the Meridian, Idaho-based company has grown to be a nationally recognized chain of more than 360 company-operated stores in Idaho, Nevada, Oregon, Washington, Arizona, Utah and California under the Jacksons Food Stores brand, as well as ExtraMile by Jacksons through a joint venture with San Ramon, Calif.-based Chevron USA.
Independent investment bank Matrix Capital Markets Group Inc., Richmond, Va., advised Jacksons on the transaction. Matrix provided buy-side merger and acquisition advisory services to Jacksons, which included advising on valuation, deal structure, financing and other transaction terms.