MIAMI — 7-Eleven Inc. acquired 101 sites in Florida to be added to its network of more than 10,000 locations, according to CSPnet.com.
The convenience store chain purchased Biscayne Petroleum LLC and Everglades Petroleum LLC, staking its claim in the growing Florida market, stated the article.
“7-Eleven … believes that Florida represents a growing market, and that the acquisition of the assets from these companies supports 7-Eleven’s desire to grow in the fuels and convenience business in Florida,” said Margaret Chabris, director of corporate communications, in the article.
In a transaction consisting of 94 controlled real estate locations, seven contracts that are fuel supply only and some related assets, reported the article, 7-Eleven and its wholly owned subsidiary SEI Fuel Services Inc. purchased the two companies.
Led by Carlos Fontecilla and Arturo Zizold, Biscayne and Everglades owned the majority of the real estate at the acquired sites, added the article.
Facilitated by Matrix Capital Markets Group Inc, continued the article, the acquisition includes c-store assets in Palm Beach, Dade, Broward County, Miami and Naples.
“Having to sell our company was a difficult decision,” said Zizold, CEO of the companies, in the article. “We are proud of all that has been accomplished. … We also are pleased to have 7-Eleven and SEI Fuels assume ownership of our sites.”
Several of the acquired sites are currently under consideration for rebranding as 7-Eleven c-stores, noted the article, and the gas stations will continue to sell Mobil-branded fuel.
You can find the release here.
