“The combination of TETCO’s retail and wholesale operations will make this 7-Eleven’s largest acquisition since the company accelerated its growth plan four years ago,” says Stan Reynolds, 7-Eleven executive vice president and chief financial officer.
7-Eleven signed an agreement to acquire the retail and wholesale assets of TETCO, Inc.
The assets include company-operated convenience stores in Utah and Dallas-Fort Worth, Austin and San Antonio areas of Texas, plus fuel distribution to TETCO’s wholesale distributors. Closing of this deal is expected in November.
The acquisition signals a return to the San Antonio market for 7-Eleven, where the company previously operated stores until 1989. Stan Reynolds, 7-Eleven executive vice president and chief financial officer, said this is the company’s largest acquisition since it launched its growth plan four years ago.
“The assets we are purchasing are quality sites that complement our existing store operation along the I-35 corridor,” Reynolds said. “Plus, we are fortunate to work with seasoned convenience and fuel business people that are joining us from TETCO.”
Along with the purchase, 7-Eleven will acquire TETCO’s motor fuel wholesale business with about 550 customers. After the deal closes this year, 7-Eleven has plans to remodel and rebrand the bulk of the TETCO locations. Customers can expect outlets to offer 7-Eleven private brand coffee, Big Bite hot dogs, Slurpee and Big Gulp drinks.
7-Eleven has continued to grow its business in the U.S., and it expects to open at least 630 locations in the U.S. and Canada this year alone. Other big acquisitions this year include 188-store Wilson Farms Inc. purchase and the 183 ExxonMobil sites in Florida.
7-Eleven, based in Dallas, Texas, operates approximately 9,400 c-stores in North America and close to 47,600 globally.