7-Eleven continues aggressive growth with purchase of 183 ExxonMobile sites
Dallas -- 7-Eleven has agreed to acquire ExxonMobil's retail interests in 183 Florida sites. The transaction, expected to close early in 2011, is subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
Included in the acquisition is a combination of company- and dealer-operated sites located in Orlando, Southwest Florida, Palm Beach and Broward County. The 183 sites include five unused parcels of land. The majority of locations will be rebranded as 7-Eleven operations, and all will retain the Mobil gasoline brand.
"This acquisition fits well with our aggressive growth strategy," said Sean Duffy, 7-Eleven VP mergers and acquisitions. "This purchase of these ExxonMobil sites adds to the approximately 750 locations that 7-Eleven has acquired or added since 2007 when we ramped up our expansion efforts."
After the transaction closes early next year, 7-Eleven will begin remodeling and reimaging the locations, with work anticipated to be completed over a two-year period.
Currently, 7-Eleven operates and franchises 610 stores in Florida.