7-Eleven announced on May 18 an agreement to acquire Tedeschi Food Shops of Rockland, Massachusetts, which owns 182 convenience stores in the greater Boston, Massachusetts, area and in New Hampshire.
The Tedeschi stores would be added to 7-Eleven’s 164 existing stores in the greater Boston area and New Hampshire, which include both company-operated and franchise locations.
The transaction is anticipated 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, EVP and CFO of 7-Eleven Inc., headquartered in Dallas, Texas. “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, Massachusetts, and New Hampshire area.”
7-Eleven expects to extend job offers to most Tedeschi Food Shops employees who are affected by this acquisition upon successful completion of a pre-employment screening process and continued satisfactory performance.
In total, 7-Eleven operates, franchises or licenses nearly 10,500 stores in North America. Globally, there are more than 55,400 7-Elevens in 16 countries. In 2013, 7-Eleven stores generated total worldwide sales approaching $84.5 billion.
Tedeschi Food Shops began when Angelo Tedeschi opened the first retail location in 1923 in his home in Rockland, Massachusetts, selling imported Italian meats and cheeses from his basement.