7-Eleven Takes Full Ownership of Stripes Network
IRVING, Texas — 7-Eleven Inc. took official ownership of 204 Stripes convenience stores from Sunoco LP on April 16. Upon completion of the $950 million deal, the convenience store retail is the sole owner and operator of all Stripes stores and Laredo Taco Co. restaurants in the United States.
The stores are located across west Texas, New Mexico and Oklahoma, and will join the more than 13,000 7-Eleven, Speedway and Stripes locations that 7-Eleven operates, franchises and/or licenses across the U.S. and Canada.
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"Stripes and Laredo Taco Co. have been a great addition to our family of brands since they first joined us back in 2018. That deal provided us a valuable brand to grow our restaurant offering," said Joe DePinto, CEO of 7-Eleven. "We're excited to welcome the remaining Stripes stores and Laredo Taco Co. restaurants to the family, and we look forward to serving customers across west Texas, New Mexico and Oklahoma."
7-Eleven expanded its U.S. c-store footprint by 12% in early 2018, when it acquired approximately 1,030 Sunoco c-stores for more than $3 billion. Under the terms of the deal, Sunoco entered into a 15-year take-or-pay fuel supply agreement with a 7-Eleven subsidiary, under which Sunoco agreed to supply approximately 2.2 billion gallons of fuel annually.
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The retailer's latest deal is part of parent company Seven & i Holdings Co. Ltd.'s broad strategic focus centering on foodservice. It will also connect the 7-Eleven and Speedway network alongside the interstate highway, contribute to increased regional market share and accelerate growth in the North America market.
Irving-based 7-Eleven operates, franchises and/or licenses more than 13,000 stores in the United States and Canada. In addition to 7-Eleven stores, it operates and franchises Speedway, Stripes, Laredo Taco Co., and Raise the Roost Chicken and Biscuits locations.