7-Eleven Signs Agreement with ExxonMobil to Acquire 183 Florida Locations
DALLAS -- 7-Eleven Inc. agreed to acquire ExxonMobil's retail interests in 183 Florida sites, the company reported. The transaction is anticipated to close early in 2011, 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, allowing customers to continue to purchase Mobil-brand fuel and use the ExxonMobil credit card, the company reported.
"This acquisition fits well with our aggressive growth strategy," Sean Duffy, 7-Eleven vice president of mergers and acquisitions said in a released statement. "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. Each location will carry 7-Eleven signature products, such as Slurpee and Big Gulp beverages, fresh food and grill offerings, along with standard convenience-store items.
"The high-volume locations complement our existing real estate portfolio in Florida," Duffy said. "The combination of the 7-Eleven and Mobil brands and the addition of so many 7-Eleven outlets in high-traffic locations will make a compelling retail offering for convenience-oriented consumers."
7-Eleven will extend employment offers to all of the approximately 1,300 impacted ExxonMobil employees upon successful completion of their pre-employment screening process and continued satisfactory performance, according to the retailer.
Currently, 7-Eleven Inc. operates and franchises 610 stores in Florida.