Japanese parent snaps up 7-Eleven Australia franchise
The franchise was put on sale earlier this year.
Japanese retail conglomerate Seven & i Holdings has bought the more than 700-store chain of 7-Eleven Australia from the Withers and Barlow families who owned the franchise in the country for $1.71b
According to an investor update, Seven & i Holdings will acquire all shares of Convenience Group Holdings Pty Ltd, which owns 751 7-Eleven stores in Australia.
According to Seven & i Holdings, the transaction will enable the company to establish itself as the clear industry leader in the Australian convenience store market, which has significant growth potential.
The company also plans to actively open new stores in Victoria, New South Wales, Queensland, Western Australia, and other states.
“By utilising the product strength and operational knowhow of the business cultivated in Japan and North America and experience cultivating synergies through 50 M&A transactions since 2005, the Company expects that it will be able to increase product sales and improve gross product margin, further reduce costs, strengthen the customer base, and realize further innovation and an even greater increase in corporate value,” the update said.
The acquisition is expected to be completed by the second quarter of 2024.
