7-Eleven Inks Deals to Sell 293 Stores to Three Buyers
IRVING, Texas — Less than one week after 7-Eleven Inc. closed on its acquisition of Speedway LLC from Marathon Petroleum Corp. (MPC), the operator is selling off 293 stores as part of a settlement with the Federal Trade Commission.
In the first of the three deals, the Irving-based operator is selling 124 Speedway and 7-Eleven sites in the Midwest, Northeast, Florida and Utah to Upland, Calif.-based Anabi Oil. Founded in 1991, the family-owned and -operated business has more than 300 c-stores nationwide.
In the second deal, 7-Eleven will sell 63 Speedway sites in California, Arizona and Nevada to Jacksons Food Stores/Jackson Energy (JFS/JE). Meridian, Idaho-based JFS/JE currently owns, operates and supplies more than 264 stores in Idaho, Nevada, Oregon, Washington, Arizona and Utah.
The transaction will give Jacksons 59 stores in key California markets, many of which will operate under Jacksons or ExtraMile by Jacksons brands.
"We are excited to serve customers in new markets with our clean, fast, simple and friendly approach," said Cory Jackson, president of Jacksons Food Stores. "As a food forward retailer, we are focused on providing customers with the service, products, and convenience they need — when, where and how they want it. As an example, we recently launched Jacksons delivery across all markets with quick delivery windows to serve customers when they can't visit our stores."
In the third deal, 106 Speedway and 7-Eleven stores in the Mid-Atlantic and Northeast will be sold to Allentown, Pa.-based CrossAmerica Partners LP for an aggregate cash purchase price of $263 million, subject to certain adjustments.
CrossAmerica anticipates closing on its acquisition of the 106 sites on a rolling basis, beginning approximately 60 to 90 days after the closing of the 7-Eleven-MPC deal. The stores are in regions of the United States within CrossAmerica's existing asset base, as Convenience Store News previously reported.
Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded motor fuel in the United States and distributes fuel to approximately 1,700 locations and owns or leases approximately 1,100 sites. Its geographic footprint covers 34 states.
7-Eleven operates, franchises and/or licenses nearly 77,000 stores in 16 countries and regions, including nearly 16,000 in North America.