The board for the Australian 7-Eleven convenience stores has begun the process to facilitate a change in ownership, the company stated on its website. The process is expected to take months.
“7-Eleven has an unrivaled brand and convenience footprint in the attractive fuel and convenience market in Australia,” said Chairman of 7-Eleven Holdings Michael Smith. “The business has great momentum and a compelling strategy for growth across convenient food, the continued transformation of our total merchandise offer, digital and format innovation, and new stores. With such a strong platform in place, the shareholders have decided that the time is right for new ownership of the business to oversee the next phase of our growth and development. Across our network of stores, it’s business as usual and our focus is on our customers and being the first choice in convenience retailing in Australia.”
Owned by the Withers and Barlow families, Australia’s 7-Eleven is licensed by U.S.-based 7-Eleven Inc. The families signed the area license agreement to bring the 7-Eleven brand to Australia in 1976 and opened the first store in Oakleigh, Victoria, in 1977, reported Reuters.
“The company has made significant progress in recent years on a number of fronts and is performing well under a highly credentialed management team, with an exciting outlook for growth,” Russell Withers said on behalf of 7-Eleven’s shareholders. “As such, the Withers and Barlow families have decided that the time is right to review options for the future ownership of the business with a view to setting it up for future growth and success.”
7-Eleven Australia has more than 700 stores located in neighborhoods across the states and territory Victoria, New South Wales, Australian Capital Territory, Queensland and Western Australia. It is made up of more than 450 small family-owned businesses, and approximately 8,800 people work under the 7-Eleven brand.