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DALLAS and ROCKLAND, Mass. — The rumor mill proved right again. Several months after talk began swirling that Tedeschi Food Shops Inc. was up for sale, 7-Eleven Inc. announced on Monday that it plans to acquire the New England convenience store chain. Terms of the deal were not disclosed.
The transaction is expected to close in mid-2015, subject to standard closing conditions and regulatory approvals.
“Tedeschi is a respected brand and this acquisition fits in perfectly with 7-Eleven’s growth strategy,” said Stan Reynolds, executive vice president and chief financial officer of 7-Eleven. “This move was made possible by 7-Eleven reinvesting the return from previous successful acquisitions to continue the company’s growth as the world’s largest convenience retailer. These high-volume, high-performing locations complement our existing real estate portfolio in the Boston and New Hampshire area.”
Established in 1923 by Angelo Tedeschi, Tedeschi Food Shops is a family-owned and -operated convenience store chain with more than $600 million in annual revenue. The company operates 182 convenience stores in Massachusetts and New Hampshire. It also offers proprietary brands: TD's Deli, Tedeschi Fresh Foods, Tedeschi Select and Tedeschi Fuel.
Rockland-based Tedeschi is well known for its strong foodservice offer, as well as its produce program.
As CSNews Online reported in December, Tedeschi was rumored to be on the sales block for the last several months. When contacted by CSNews Online Monday afternoon, Joe Hamza, vice president of sales and marketing for Tedeschi, confirmed the transaction with 7-Eleven, but said he could not comment any further on the deal.
Dallas-based 7-Eleven, ranked No. 1 on the latest Convenience Store News Top 100 list of the largest U.S. c-store chains, has acquired more than 1,000 c-store locations in the last four years. 7-Eleven operates, franchises or licenses a total of 10,500 stores in North America, 164 of which are located in the greater Boston area and New Hampshire.
According to 7-Eleven, the company expects to extend job offers to most Tedeschi Food Shops employees who are affected by this acquisition upon successful completion of their pre-employment screening process and continued satisfactory performance.