7-Eleven, Inc. announced that it has agreed to acquire Tedeschi Food Shops, Inc.'s approximately 182 convenience stores in the greater Boston, Massachusetts area and in New Hampshire. The transaction is anticipated to close in mid-2015, subject to standard closing conditions and regulatory approvals. 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, Inc. "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. These high-volume, high-performing locations complement our existing real estate portfolio in the Boston, Massachusetts and New Hampshire area."
7-Eleven expects to extend job offers to most Tedeschi Food Shops employees who are affected by this acquisition upon successful completion of their pre-employment screening process and continued satisfactory performance. Currently, 7-Eleven, Inc. operates and franchises 164 stores in the greater Boston area and New Hampshire.