Jacksons Food Stores Inc. has acquired 62 Speedway and 7-Eleven convenience stores with fuels in California, Arizona and Nevada from 7-Eleven Inc. The closing on the final store included in the transaction occurred Oct. 4.
The stores acquired were among the 293 locations that 7-Eleven Inc. is divesting to satisfy an agreement with the Federal Trade Commission as part of its recent acquisition of Speedway LLC from Marathon Petroleum Corp.
The Meridian, Idaho-based family of Jackson companies own, operate and supply more than 1,340 stores across nine western states. The companies are vertically integrated, with fuel supplied by Jacksons Energy, full-line grocery and supplies distributed through Capitol Distributing and fresh food products supplied through Capitol Kitchens.
The acquisition is part of the company’s continued focus on growth and expansion into additional markets across the Western U.S. and will give it 58 stores in California markets, where it previously had little to no presence. Many of the acquired stores will operate under two of the company’s brands, Jacksons Food Stores and ExtraMile.
“We are excited to serve customers in new markets with our clean, fast and friendly approach,” said Cory Jackson, president. “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.”
John Jackson, founder and CEO, said, “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.”
Matrix Capital Markets Group Inc., an independent investment bank, provided buy-side merger and acquisition advisory services to Jacksons, which included advising on valuation, deal structure, financing and other transaction terms. 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.
Since John D. Jackson founded Jacksons in 1975 as a single service station, the Idaho-headquartered company has grown to be a nationally recognized 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.