The assets include 163 company-operated convenience stores in Utah and the Dallas-Fort Worth, Austin and San Antonio areas of Texas plus fuel distribution to TETCO’s wholesale-dealers.
As part of this purchase, 7-Eleven is acquiring TETCO’s motor fuel wholesale-dealer business and plans to retain and build the wholesale gasoline business as an integral part of 7-Eleven’s overall growth strategy.
7-Eleven noted that the acquisition marks its return to San Antonio after 23 years and is the largest acquisition since the company accelerated its growth plan four years ago.
The convenience retailer also added that the aquistion will expand its brand’s footprint in Texas.
All the acquired stotes are set to remodel and rebranded over the next year and customers can expect more outlets for 7-Eleven’s fresh foods delivered daily, hot foods and signature products like 7-Select private brand, 7-Eleven coffee, Big Bite hot dogs, Slurpee and Big Gulp drinks.
7-Eleven executive vice president and CFO Stan Reynolds said the TETCO convenience store locations are very high quality sites.
"They not only complement areas where we currently operate, but the stores in San Antonio allow 7-Eleven to strategically expand its footprint in Texas," Reynolds added.
Besides, the company has also firmed up its plans to open around 630 new 7-Eleven outlets in the US and Canada in 2012.
Based in Dallas, Texas, 7-Eleven operates more than 9,400 7-Eleven stores in North America and around 48,100 7-Eleven stores in 16 countries globally.