7-Eleven to acquire 28 Pacific Convenience locations, will remodel/rebrand all
Dallas -- 7-Eleven is acquiring the retail interests of 28 locations owned by Pacific Convenience & Fuels LLC.
The acquisition includes sites in California, Oregon, Washington and Colorado, and is slated to close in fourth quarter 2011. Terms of the transaction have not been disclosed.
All of the locations will be rebranded as 7-Eleven and will retain the Conoco-Phillips/76 gasoline brands.
"This is a strategic acquisition for us, increasing our store footprint in several of our most successful markets," said Sean Duffy, 7-Eleven VP mergers and acquisitions. "Year to date, 7-Eleven has added more than 400 new locations, and 2011 promises to be 7-Eleven's biggest year for store growth since 1986."
7-Eleven said it will remodel and rebrand the locations, with the bulk of the work anticipated to be completed by the end of 2012. Approximately 15 stores will require only interior and imaging changes, which should be completed by the end of the year, while the balance will undergo more extensive remodeling. All stores will be available for franchise.