7-Eleven Canada Expands Holdings with Food Distributor Asset Acquisition

28 Nov, 2023

7-Eleven Canada Expands Holdings with Food Distributor Asset Acquisition

7-Eleven Canada has revealed its acquisition of select assets from Calgary-based food distributor Wallace & Carey Inc., the financial details of which remain undisclosed. The assets encompass territories in British Columbia and Alberta.

This transaction was executed under the Companies’ Creditors Arrangement Act (CCAA), enabling 7-Eleven Canada to procure lease facilities from Wallace & Carey and establish a transition service agreement, ensuring an exclusive procurement arrangement with the latter.

Additionally, 7-Eleven Canada has extended working capital to support Wallace & Carey's revitalization across Canada, enhancing the stability of its operations.

Marc Goodman, vice president and general manager of 7-Eleven Canada, emphasized, "This acquisition sets the stage for 7-Eleven's continuous growth in Canada. It bolsters our existing business, ensuring a more resilient supply chain and long-term advantages for our stores."

He further added, "We are confident that this acquisition will elevate the service quality for our stores, enabling us to serve our customers at an elevated level."

Pat Carey, CEO of Wallace & Carey, expressed enthusiasm about reinforcing their partnership with 7-Eleven, stating, "We are excited to further solidify our collaboration. Wallace & Carey will continue its regular operations, poised for a stronger future."

This acquisition follows Wallace & Carey and its owner, Carey Management Inc., seeking creditor protection under the CCAA in June 2023.

Headquartered in Calgary, Wallace & Carey operates distribution and logistics services for over 7,000 customer locations and major retailers. Their specialties include groceries, health and beauty products, confections, frozen foods, and tobacco products.

In other news, 7-Eleven Japan recently made headlines by leveraging generative artificial intelligence (AI) in its product planning strategy, aiming to streamline processes currently reliant on customer surveys and internal meetings. This innovative approach promises enhanced efficiency in bringing products to market.