DALLAS — 7-Eleven has entered into an agreement to acquire 55 Sam’s Mart stores in North and South Carolina, with plans to convert them into 7-Eleven stores this year. The transaction is expected to close in February. Terms of the deal were undisclosed.
“Sam’s Mart has a successful store operation and quality locations that fit our strategy to expand where we have existing stores or in areas near markets where we have operations,” said Stan Reynolds, executive vice president and CFO of 7-Eleven, in a prepared statement.
The Dallas-based company operates, franchises or licenses more than 9,000 stores in the United States. Last year, 7-Eleven opened 650 stores nationwide and in Canada.
Additionally, last week the company completed a transaction with ExxonMobil to purchase retail interests in 51 North Texas locations, most of which will be re-branded as 7-Eleven stores. Included in the 51 properties are two unused parcels of land.
“This acquisition fits well with our aggressive growth strategy,” said Robbie Radant, vice president of mergers and acquisitions. “We met our goal of opening 650 stores in 2011, and with this acquisition 2012 is off to a great start.”
As part of the rebranding, the company will “provide the food, beverages and services that 7-Eleven stores are best known for,” Reynolds says. All of the conversions are slated for completion in 2012.
For the Sam’s Mart transaction, Robert Valentine of Trefethen Advisors advised the seller, and Garth Dunklin of Wishart Norris Henninger & Pittman was the legal counsel.
— Savannah Duncan