Jacksons Picks Up Stores as Part of 7-Eleven's Speedway Acquisition Divestment
The deal includes 62 sites in California, Arizona and Nevada, expanding the retailer's reach across the western United States.
MERIDIAN, Idaho — Jacksons Food Stores Inc. is picking up convenience stores in three states as part of 7-Eleven Inc.'s Speedway acquisition divestment.
The deal includes 62 sites in California, Arizona and Nevada. The stores are among the 293 locations that 7-Eleven is divesting to satisfy an agreement with the Federal Trade Commission as part of its recent acquisition of Speedway LLC from Marathon Petroleum Corp.
Meridian-based Jacksons Food Stores operates a chain of more than 360 company-operated stores in Idaho, Nevada, Oregon, Washington, Arizona, Utah, and California under the Jacksons Food Stores and ExtraMile by Jacksons convenience store brands.
The acquisition is part of the company's continued focus on growth and expansion into additional markets across the western United States and will give Jacksons 58 stores in attractive California markets, where it previously had little to no presence. Many of the acquired stores will operate under two of the Jacksons Food Stores and ExtraMile banners.
"We are excited to serve customers in new markets with our clean, fast and friendly approach," said Cory Jackson, president of Jacksons Food Stores. "As a food forward retailer, we are focused on providing customers with the service, products, and convenience they need — when, where and how they want it. As an example, we recently launched Jacksons delivery across all markets with quick delivery windows to serve customers when they can't visit our stores."
Matrix Capital Markets Group Inc. provided buy-side merger and acquisition advisory services to Jacksons, which included advising on valuation, deal structure, financing, and other transaction terms.
"Today we build on this legacy by adding more talented associates and great locations to the Jackson family of companies to broaden who we serve and how we serve them. Matrix assisted us in the transaction by providing invaluable advice, analysis and projections through the use of multi-level models and key guidance on strategy," said John Jackson, founder and CEO of Jacksons Food Stores.
The transaction was managed by Cedric Fortemps, co-head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group; David Corbett, director; and Martin McElroy, senior associate.
"We thoroughly enjoyed working with the Jackson family and the rest of the executive team on this transformational transaction for the company," commented Fortemps. "Jacksons' best-in-class operation will benefit the employees and customers of these stores, as well as the communities they serve."