DALLAS — 7-Eleven Inc. announced today that it has agreed to acquire the retail interests of 28 locations from Pacific Convenience & Fuels LLC (PC&F). Located in the western half of the United States, the acquisition includes sites in California, Oregon, Washington and Colorado.
The transaction is expected to close in fourth-quarter 2011, subject to closing conditions and regulatory approvals. Terms of the deal were not disclosed.
The 28 sites include two unused parcels of land. All of the locations will eventually be rebranded as 7-Eleven store operations, and all will retain the ConocoPhillips/76 gasoline brands, allowing customers to continue to purchase branded fuel and use their existing credit cards issued under that brand.
After the transaction closes late this year, 7-Eleven will start remodeling and rebranding the locations, with the bulk of the work anticipated to be completed by the end of 2012. Once remodeled and rebranded, each store will carry 7-Eleven signature products, such as Slurpee and Big Gulp beverages, fresh food and grill offerings, along with 7-Select products (7-Eleven’s private brand) and standard convenience store items.
Watch for details in tomorrow’s CSP Daily News.