7-Eleven to pay almost $1B for 204 stores

Irving-based 7-Eleven is paying $950 million to Dallas-based Sunoco for 204 Stripes convenience stores and Laredo Taco Company restaurants in West Texas, New Mexico and Oklahoma.

The purchase follows the initial $3.3 billion purchase of 1,030 stores in 17 states, including

Stripes stores in Texas, from Sunoco in 2018.

This transaction brings all the Stripes and Laredo Taco locations across the U.S. under 7Eleven ownership.

Since the 2018 acquisition, 7Eleven has built new stores and remodeled existing ones in the Dallas area with the Laredo Taco brand as part of its efforts to expand its fresh food menu.

“Stripes and Laredo Taco

Company have been a great addition to our family of brands since they initially joined us back in 2018,” said Joe Depinto, CEO of 7-Eleven. The original purchase included stores in Texas.

The transaction is pending regulatory approval. 7-Eleven has more than 13,000 companyowned, franchised and licensed 7-Eleven, Speedway and Stripes stores in the U.S. and Canada.

7-Eleven’s parent company Japan-based

Seven & i Holdings Co. said in a news release Thursday that the latest store purchase is part of a plan to expand the share of proprietary foods, beverages and private brands to reach 34% of sales by 2025. Other stated goals listed were:

To reach $1 billion in revenue from the 7NOW delivery business by accelerating growth through the retailer’s “value proposal of high-value quality food and immediate consumables delivered fast.” The national average is 28 minutes.

Complete the overall integration with Speedway and realize $800 million synergies in 2023 and look for more cost savings.

Continue to pursue growth in the fragmented North American market through both mergers and acquisition opportunities and by building new stores.