7-Eleven announced that it has entered into an agreement to acquire 204 stores from Sunoco LP, which includes Stripes convenience stores and Laredo Taco Company restaurants.
Located across West Texas, New Mexico and Oklahoma, these stores will join the over 13,000 7-Eleven, Speedway and Stripes locations that 7-Eleven, Inc. operates, franchises and/or licenses across the U.S. and Canada.
The transaction will close promptly after satisfaction of customary closing conditions, including necessary regulatory clearance. With the addition of these stores, 7-Eleven will own and operate all Stripes and Laredo Taco Company locations across the U.S.
“Stripes and Laredo Taco Company have been a great addition to our family of brands since they initially joined us back in 2018,” says Joe DePinto, CEO of 7-Eleven. “We're excited to welcome the remaining Stripes stores and Laredo Taco Company Restaurants to the family, and we look forward to serving even more customers across West Texas, New Mexico and Oklahoma.”
As part of the sale, Sunoco LP will also amend its existing take-or-pay fuel supply agreement with 7-Eleven to incorporate additional fuel gross profit. Proceeds from the sale will allow the company to materially reduce leverage to execute on future growth opportunities while maintaining a strong balance sheet and multi-year distribution growth. The transaction is expected to close promptly upon receipt of regulatory approvals and satisfaction of customary closing conditions.