7-Eleven Inc. today announced that it has acquired the retail and wholesale dealer assets of San Antonio-based TETCO Inc., closing a deal that was announced Aug. 14. 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.
Terms of the deal were not disclosed.
The acquisition signals a return to San Antonio for 7-Eleven, where the company had operated stores until 1989.
Because of the combination of TETCO's retail and wholesale operations this is 7-Eleven's largest acquisition since the company accelerated its growth plan four years ago. As part of this purchase, 7-Eleven is acquiring TETCO's motor fuel wholesale-dealer business with some 500 customers. The company plans to retain and build the wholesale gasoline business as an integral part of 7-Eleven's overall growth strategy.
"The TETCO convenience store locations we are purchasing are very high quality sites," said Stan Reynolds, 7-Eleven executive vice president and CFO. "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."
7-Eleven will remodel and rebrand the bulk of these locations over the next year. Customers in these areas 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(R) hot dogs, Slurpee(R) and Big Gulp(R) drinks.
As the global leader of convenience retailing, 7-Eleven continues to grow its business in the U.S. through traditional store development, business conversions and acquisitions. The company plans to open at least 630 new 7-Eleven locations in the U.S. and Canada this year.
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