7-Eleven Confirms Acquisition in South Carolina
The acquisition increases 7-Eleven's store count in the Carolinas to more than 100. Previously, the c-store chain acquired 55 Sam's Mart and 13 Fast Track stores that had closed in 2012.
Details about the deal come one week after CSNews Online reported the Dallas-based convenience retailer was planning to add at least four Hickory Point stores and one Palm location in upstate South Carolina to its portfolio in the next couple of weeks.
"7-Eleven is committed to building its presence in the Carolinas and bringing our proprietary products to the acquired Hickory Point and Palms locations as the stores are converted to the 7-Eleven brand," said Stan Reynolds, 7-Eleven executive vice president and chief financial officer.
In addition, customers will eventually see 7-Eleven's proprietary foods like pizza, chicken wings, chicken tenders, mini tacos, fresh-made sandwiches and salads, fresh baked goods and the retailer's 7-Select private-brand items as store conversions get underway.
According to a company release, 7-Eleven has offered employment to existing store personnel and will also provide business opportunities to local entrepreneurs who would like to operate a 7-Eleven franchise.
The acquisition is just one step in the retailer's growth strategy. 7-Eleven opened or acquired more than 1,000 stores in the United States and Canada in 2012 and added almost 4,900 worldwide. Currently, 7-Eleven operates, franchises and licenses more than 8,500 stores in the United States and Canada.
Belton, S.C.-based CB Mart was advised by Robert L. Valentine of Trefethen Advisors LLC. Marvin Quattlebaum and Frank Williams of Smith Moore Leatherwood LLP served as legal counsel to CB Mart for this transaction.