7-Eleven broadens its restaurant footprint with a $1B acquisition

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7-Eleven is now the sole owner of a 600-plus-unit Mexican restaurant chain.

The convenience-store chain has agreed to pay Sunoco a reported $1 billion for 204 Stripes c-stores and the Laredo Taco Co. fast-food restaurants they host. Neither 7-Eleven nor Sunoco revealed how many of the retail outlets sport a Laredo Taco Co. unit, but the convenience chain said the deal would give it total ownership of both the Stripes and Laredo Taco brands.

Sunoco had sold 7-Eleven most of the Stripes chain—about 1,000 locations—and their onsite Laredo Taco restaurants in 2018.  

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

The acquired restaurants are concentrated in those three states.

DePinto is no stranger to the restaurant industry, having served as chairman of the board for Chili’s parent Brinker International for more than 13 years.

Laredo Taco has cultivated a cult-like following for its made-on-premise tacos and other Tex-Mex staples, including margaritas. 

In addition to the Laredo Taco units already within its fold, 7-Eleven houses 60 Raise the Roost Chicken and Biscuits fast-food restaurants within its stores. It has also experimented with pizza concepts and currently sells its own brand of pizza, Big Bite, through the retailer’s 7Now self-delivery service.

Sunoco and 7-Eleven did not specify when their deal is likely to be consummated.

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