Convenience retail chain 7-Eleven Canada has purchased certain assets of food distributor Wallace & Carey (W&C) for an undisclosed amount.
The deal, which was completed on 21 November 2023, includes W&C assets located in British Columbia and Alberta.
As part of the agreement, 7-Eleven acquired lease facilities and provided a transition service agreement to purchase exclusively from W&C.
The convenience retailer also offered W&C working capital to help it get back to a stable operating position across Canada.
The acquisition will improve supply connectivity to companies and communities across the region.
7-Eleven Canada vice-president and general manager Marc Goodman said: “This transaction positions 7-Eleven well for continued growth in Canada, strengthening our already robust business in the country and bringing with it a range of long-term benefits for our stores by stabilising our supply chain.
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“We feel confident that this acquisition will bring the maximum quality of service to our stores so that we can continue to serve our customers at the highest level.”
Based in Calgary, Canada, W&C provides distribution and logistics to more than 7,000 customer locations and major retailers.
The company specialises in groceries, health and beauty products, confectioneries, frozen foods, tobacco products and more.
The acquisition comes after W&C and its owner, Carey Management, filed for creditor protection under the Companies Creditors Arrangement Act in June 2023.
W&C CEO Pat Carey said: “7-Eleven is a long-standing customer of Wallace & Carey and we’re excited to further strengthen our partnership. Wallace & Carey will continue its day-to-day operations as usual, and we expect to emerge from this process better positioned for the future.”
In September, CP ALL Laos, the master franchisee of 7-Eleven International, opened the first 7-Eleven store in Souphanouvong Avenue, Vientiane, Laos.