The Withers and Barlow families have accepted an offer from 7-Eleven International LLC (7IN) to acquire 100% of 7-Eleven Australia.
7IN is a joint venture of 7-Eleven Inc., and Seven-Eleven Japan and is responsible for the 7-Eleven brand’s global growth strategy.
The 7-Eleven Australia business will be operated as a wholly owned subsidiary of 7IN, headquartered in Melbourne. The current management team will continue to lead the business under new ownership.
Commenting on behalf of the shareholders of 7-Eleven Australia, Russell Withers says: “The Withers and Barlow families have had a proud association with the 7-Eleven brand since we brought it to Australia in 1977. From a single store in suburban Melbourne, 7-Eleven has grown to a network of over 750 stores across Victoria, New South Wales, ACT, Queensland and Western Australia, processing 250 million transactions each year, and employing more than 9000 people across the corporate and franchise network.
“The Company has made significant progress in recent years on several fronts and is performing well under a highly credentialed management team. Now is the right time for our families to pass the business to new owners to continue to build and develop this wonderful brand.
“We are confident that 7IN will be strong custodians of the business and support the future growth and success of 7-Eleven as the first choice in convenience retailing in Australia.”
7-Eleven Australia Chairman Michael Smith says: “7IN see the potential of the 7-Eleven Australia business and share our vision to be the first choice in convenience retailing in Australia. They bring a strong understanding of the convenience market globally and will continue to draw on 7&I Holdings’ capabilities in product development capabilities, digital technology, and environmental, social and governance (ESG) initiatives to further strengthen the 7-Eleven brand in this market.”
7IN co-CEO’s Shin Abe and Ken Wakabayashi said, “The acquisition of 7-Eleven Australia demonstrates our commitment to growing 7-Eleven’s operations globally. We are looking forward to continuing to enhance the 7-Eleven brand in Australia, which enjoys a long-standing presence and unrivaled brand recognition with customers.”
7-Eleven Australia Chief Executive Officer and Managing Director Angus McKay says: “The acquisition by 7IN is a vote of confidence in our people, our strategy and the future of 7-Eleven Australia. The business has strong momentum and an exciting outlook for growth. Our customers will continue to come first and we will remain focused on the transformation of our total merchandise and fuel offer, the evolution of our convenient food proposition, digital and format innovation, as well as the roll out of new stores.”
The offer is subject to regulatory approval, with a completion likely to take place in Q2 2024. The Company and its shareholders have been advised by Azure Capital and Ashurst.