Dallas — 7-Eleven, Inc. has entered into an agreement with Sam’s Mart LLC to acquire 55 Sam’s Mart stores in North and South Carolina and convert them to 7-Eleven® stores this year.
Dallas — 7-Eleven, Inc. has entered into an agreement with Sam’s Mart LLC to acquire 55 Sam’s Mart stores in North and South Carolina and convert them to 7-Eleven® stores this year. The transaction is anticipated to close in February, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
7-Eleven plans to return to the greater Charlotte area, where it had operated 7-Eleven stores from 1964 until 1988. The acquisition is part of the world’s largest convenience retailer’s accelerated growth plan. 7-Eleven opened approximately 650 stores in the U.S. and Canada in 2011.
“Sam’s Mart has a successful store operation and quality locations that fit our strategy to expand where we have existing stores or in areas near markets where we have operations,” says Stan Reynolds, executive vice president and CFO of 7-Eleven.
Sam’s Mart LLC will continue to operate its other 91 stores in the Charlotte and Atlanta metro areas and retain its office personnel. Sam’s Mart was advised by Trefethen Advisors, LLC. Legal advice was provided by Wishart Norris Henninger & Pittman, P.A.
Based in Dallas, 7-Eleven operates, franchises or licenses more than 9,000 7-Eleven® stores in North America. Globally, there are more than 44,300 7-Eleven stores in 16 countries. For more information, visit www.7-Eleven.com.