• 7-Eleven Inc. to Acquire Indie 7-Eleven Stores in Oklahoma

  • 7-Eleven Inc. to Acquire Indie 7-Eleven Stores in Oklahoma

    7-Eleven Inc. has entered into a stock purchase agreement to acquire 7-Eleven
    Stores, a chain of more than 100 7-Eleven-branded stores in central Oklahoma
    that has been independently operated for 67 years, according to an announcement.

    The transaction is expected to close within 60-90 days, subject to standard
    closing conditions and regulatory approvals, according to the announcement.

    The stores are all in the greater Oklahoma City metropolitan area and will
    bring the total number of 7-Eleven stores in the U.S. and Canada to more than
    9,700.

    "Oklahoma has a growing economy, and this acquisition provides a great
    opportunity for us to expand regionally," said 7 Eleven President and CEO Joe
    DePinto, in a press release.

    Seven & i Holdings Co., the parent company of 7-Eleven Inc., said DePinto
    executed the agreement on Jan. 3. Under the contract, SEI will acquire all the
    issued stock of Brown-Thompson General Partnership and 7-Eleven LLC, both led
    by Jim Brown as president and CEO. Brown-Thompson operates 108 7-Eleven stores
    and 7-Eleven LLC is engaged in asset management.

    "7-Eleven Inc. has been increasing its merchandise capabilities and expanding
    its store network in North America for the purpose of expanding revenues and
    profits," Seven & i said, in a statement. "Brown-Thompson General Partnership
    and 7-Eleven LLC are based in Oklahoma... next to Texas, where 7-Eleven Inc. has
    existing stores and the agreement will therefore realize synergies between
    them."

    Brown said in a history on the Oklahoma chain's website that "it doesn't get
    more local than 7-Eleven Stores." The website points out that 7-Eleven Stores
    is separate from the 7-Eleven franchiser based in Dallas and explains that the
    companies only have shared the name and trademark of 7-Eleven. 7-Eleven Stores
    have been operated by the same family since its inception.

    "More than 65 years ago my parents, Bill and Carol Brown, moved their young
    family to Oklahoma City with an emerging business idea: a chain of conveniently
    located stores that stocked all the things you want or need in the moment,"
    said Brown. "Family friends in Dallas, the Thompsons, had begun developing the
    7-Eleven idea, and our family set out to do likewise in central Oklahoma."

    As a fuel marketer, 7-Eleven Stores ranks second within Oklahoma City, with
    about a 16% fuel market share and its street prices are among the most
    competitive in the market, according to OPIS MarketShare Pro. Currently, OPIS
    data show the company's gas prices are almost 12cts/gal below market prices
    only behind Costco (-14.61cts), Sam's Club (-14.38cts), and Murphy USA
    (-12.41cts).

    Whereas, OPIS MarketShare Pro shows its acquirer 7-Eleven Inc.'s gas prices in
    neighboring Texas priced right at market.

    The Oklahoma company has had its own rewards debit card - Thnx! - which
    provides cardholders with a gas discount of up to 5cts/gal, according to the
    website. 7-Eleven Stores also recently introduced a Thnx! Card for fleets, and
    it accepts major fleet cards.

    The company has offered a refillable gift card known as the Fuel First Card
    that allows customers to activate the pump without prepaying. The refillable
    7-Eleven Store Gift Card can also be used to activate the pump to pay for fuel
    as well as to purchase merchandise inside the store. Inside the store, the
    company has also accepted Apple Pay and Google Wallet.

    7-Eleven Stores sells E10 gasoline, conventional gasoline and diesel fuel. It
    also sells compressed natural gas through at least one store, had been
    intending to expand its CNG offering to other stores, according to its website.

    --Donna Harris, dharris@opisnet.com



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