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7-Eleven Acquires 204 Stores From Sunoco in $1 Billion Deal

Plus: Susser Banc Holdings raises more than $40 million in capital, Tom and Karen Falk gift $5 million to the United Way of Metropolitan Dallas, and more.
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7-Eleven

Sunoco, one of the largest fuel distribution companies in the U.S., has entered into a definitive agreement for the sale of 204 convenience stores to 7-Eleven for around $1 billion. Specifically, 7-Eleven will acquire Stripes convenience stores and Laredo Taco Company restaurants. As a result, 7-Eleven is now the sole owner and operator of all Stripes and Laredo Taco Co. stores.

“Stripes and Laredo Taco Company have been a great addition to our family of brands since they initially joined us back in 2018,” Joe DePinto, CEO of 7-Eleven said in a statement. “We’re excited to welcome the remaining Stripes stores and Laredo Taco Company Restaurants to the family, and we look forward to serving even more customers across West Texas, New Mexico and Oklahoma.”

In 2018, 7-Eleven purchased its first crop of Stripes and Laredo Taco Co. stores from Sunoco. That $3.3 billion purchase saw Sunoco offload 1,030 convenience stores across 17 states to 7-Eleven. In 2018, Sunoco cited the reasoning for the sale was that it wanted to focus more on growing its gasoline business.

In total, these latest stores will be added to the more than 13,000 7-Eleven, Speedway, and Stripes locations that 7-Eleven already operates, franchises, and licenses between the U.S. and Canada.

The 204 stores being sold by Sunoco to 7-Eleven reside in the southwest region of the United States, including West Texas, New Mexico, and Oklahoma. Included in the $1 billion sale will be customary adjustments for fuel and merchandise inventory, as well as Sunoco amending its’ existing take-or-pay fuel supply with 7-Eleven to incorporate future and additional fuel gross profit.

Susser Banc Holdings Corp. Raises $40.3 Million in Capital

Susser Banc Holdings Corporation and its’ subsidiary Susser Bank finished out 2023 in a big way, raising $40.3 million. The new capital comes from 68 new investors alongside multiple existing investors.

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Sam L. Susser

“We are delighted and honored by the response to our 2023 capital raise,” Sam Susser, Susser Bank chairman and CEO said in a statement. “This transaction will allow us to demonstrate to our new investors and their referrals our exceptional client service and robust technology platform.”

Founded in 1961, Susser Bank has been under the management and ownership of Susser Banc Holdings Corporation since 2018. In that time, the Susser family also acquired BancAffiliated which has seen the company’s growth move from $700 million to $2.2 billion in assets with branches in Dallas, Houston, San Antonio, as well as an LPO in Austin.

The company also launched a tender offer for $17.5 million of shares to provide a liquidity option to legacy investors who have generally been invested for 20-25 years. 

United Way of Metropolitan Dallas Secures $5 Million Donation

United Way of Metropolitan Dallas received a $5 million donation from philanthropists Tom and Karen Falk to expedite its’ impact with its’ nonprofit partners. In turn, United Way will continue to help more students graduate high school and find a successful path towards college as well as support more families and attain financial security.

“The Falks have been longtime supporters of United Way of Metropolitan Dallas, believing in the power of working united to deliver measurable impact through targeted programs across North Texas,” Jennifer Sampson, McDermott-Templeton President and CEO of United Way of Metropolitan Dallas said. “Tom and Karen have a very mission-driven approach to their philanthropic support, and I’m confident their investment in our programs will create the opportunity for all North Texans to thrive. We are deeply honored and grateful to the Falks for this generous gift, sure to unite this community in creating secure futures for generations to come.”

In 2023, Tom Falk, the former CEO of Kimberly-Clark, and current Federal Reserve Board of Governors Chair, along with Karen were jointly awarded the J. Erik Jonsson Award for their support of United Way. During the pandemic, the Falks served as Annual Campaign chairs in an effort to wrangle sizeable investments and supplied their own funds to support those in need.

“We believe it’s important to give back to the community in a very thoughtful and purposeful way,” Tom said. “An investment in the community must deliver measurable impact, and over the years, we have seen first-hand how United Way of Metropolitan Dallas has worked with its trusted network of community impact partners to shape programs that create meaningful impact and truly change lives for the better.”

Oil and Gas Marketplace Energy Domain Acquires U.K.-Based Market Intelligence Energent

Energy Domain, an online marketplace in the oil and gas transaction space based in Fort Worth, continues to aid itself in an effort to streamline the process for buyers and sellers. The company acquired Energent, a market intelligence technology from U.K.-based Westwood Global Energy Group. In part because of the deal, founder and co-CEO of Vertias Energy Hollis Sullivan is joing Energy Domain as an investor.

Since 2021, Energy Domain has facilitated more than 150 transactions. With the acquisition of Energent, Energy Domain will now possess a market intelligence product that uses an AI model that will track oil rig locations, decipher satellite imagery, and provide completion activity data.

“The delta between seller and buyer expectations is almost always development timing,” Energy Domain CEO Ben Heinzelmann said. “In our experience, that’s where deals fall apart, especially when you’re dealing with mineral, royalty, and non-operated working interest transactions. Operators are also in need of reliable data on their competitors and general market trends. With Energent, we’re providing all parties with accurate intelligence to bridge those gaps, helping clients make informed decisions to successfully complete acquisitions on Energy Domain and elsewhere.”

Westwood Global Energy Group, which is headquartered London, developed Energent to provide unconventional market intelligence for the oil and gas value chain, using its SatScout giving users the ability to see the lifecycle of wells, along with giving them information on when operators have constructed a pad, started fracturing with a frac crew, or begun setting up for drilling.

“Through our discussions with Energy Domain it was clear that they valued the innovation and potential of the Energent solutions,” Westwood Global Energy CFO David Clark said. “We recognized that this young and hungry team would provide the capability to accelerate its development and ensure it is exposed to the entire industry. With Energent, Westwood Global Energy created vital and evolving tools to analyze the unconventional markets and we are excited to see Energy Domain spearhead this next stage of expansion.”

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Layten Praytor

Layten Praytor

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