7-Eleven Inc. is growing its footprint in Canada, where it already operates more than 500 stores. Its wholly-owned subsidiary, 7-Eleven Canada Inc., is acquiring approximately 148 convenience and fuel retail sites from Imperial Oil of Canada.
The sites are located in the provinces of British Columbia and Alberta, and include the metropolitan areas of Vancouver, Calgary and Edmonton.
“The acquisition of these prime locations will increase our presence in western Canada and build on 7-Eleven’s already strong brand recognition in the country,” said Stan Reynolds, 7-Eleven executive vice president, chief administrative officer and chief financial officer. “This acquisition is an important step in continuing the company’s growth as the world’s largest convenience retailer.”
The transaction is expected to close later this year and is subject to standard closing conditions and regulatory approvals. Upon the closing of the transaction, 7-Eleven will continue to market Esso-branded fuel supplied by Imperial. During a transition period, most of the convenience stores will be converted to 7-Eleven stores – remodeled and stocked with a full assortment of fresh products.