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DALLAS -- Neighborhood Convenience Inc., operator of the nine-unit Little Sue convenience store chain, has sold seven of its Exxon-branded stores to 7-Eleven Inc. in a deal facilitated through Matrix Capital Markets Group Inc.
The stores, located in the Gloucester and Middlesex counties of Virginia, will be rebranded to the 7-Eleven name in the coming months, Margaret Chabris, spokeswoman for 7-Eleven, told CSNews Online. "We will rebrand them as 7-Eleven over the next few months and ultimately franchise them, as is our strategy for that part of the county," she said, noting that this transaction was not part of the chain's business conversion program (BCP), since 7-Eleven acquired the assets of the locations.
The Little Sue chain was founded in 1972 and acquired by John Steele in 1996. In summer 2007, Steele contacted Matrix to sell the stores, according to Matrix.
"The strength of the Little Sue brand, the chain's customer loyalty, and its exceptional management and store personnel made the business a very attractive opportunity for a buyer, and were all key factors in the amount of competition that resulted for the assets," said Cedric Fortemps, vice president of Matrix, who co-managed the transaction.
The sale transaction closed Jan. 18.