7-Eleven Acquires 14 Quarles Retail Outlets

Dallas, Texas, July 15, 2010 -- 7-Eleven, Inc. has closed on an agreement to purchase 14 gasoline locations in Virginia from Quarles Petroleum, Inc. of Fredericksburg, Va. The stores will be re-branded as 7-Eleven operations, and these sites will continue to sell Shell gasoline.

Financial details of the transaction will not be disclosed. The locations are part of a 20-store divestiture Quarles offered through Matrix Capital Markets Group, Inc. of Richmond.

7-Eleven Mergers and Acquisitions Vice President Sean Duffy said, “The addition of these 14 locations in Virginia complements our strategy of growing in areas where we currently operate and takes advantage of our daily delivery of fresh foods and other time-sensitive products.”

Starting this month, the new 7-Eleven locations will be remodeled, yet remain open during the work. Each store will be equipped to sell 7-Eleven signature products, like fresh food and grill items, coffee, Slurpee and Big Gulp beverages. The locations will then be offered for franchise. Meanwhile, 7-Eleven provided employment to Quarles store personnel.

In addition to Shell gasoline, five stores sell diesel fuel that will be changed to the 7-Eleven brand. Quarles Fleet Cards will continue to be accepted at the former Quarles locations.

This brings the number of 7-Eleven stores operated and franchised in Virginia to 674.