The transaction is expected to close in 2015, noted the release. Terms of the deal were not disclosed.
“Tedeschi is a respected brand, and this acquisition fits in perfectly with 7-Eleven’s growth strategy,” said Stan Reynolds, executive vice president and chief financial officer of 7-Eleven, in the release.
Read also: Autobell adds two metro Atlanta locations
“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,” added Reynolds in the release. “These high-volume, high-performing locations complement our existing real estate portfolio in the Boston, Massachusetts and New Hampshire [areas].”
7-Eleven plans to retain most Tedeschi employees affected by the deal, reported the release. Workers will undergo a pre-employment screening process.
7-Eleven operates, franchises or licenses nearly 10,500 stores in North America, shared the release. The company's locations had sales of almost $84.5 billion in 2013.
Click here to read the entire release.