7-Eleven Canada has announced its acquisition of “certain assets” from the Calgary-based food distributor Wallace & Carey.
The assets encompassed in the deal are situated in British Columbia and Alberta.
In addition, 7-Eleven has committed to obtaining lease facilities and offering a transition service agreement, exclusively procuring from Wallace & Carey. Furthermore, 7-Eleven has provided financial support to Wallace & Carey to facilitate its recovery and return to a stable operational state throughout Canada. This comes after both Wallace & Carey and its parent company, Carey Management, filed for creditor protection under CCAA in June 2023.
The transaction, which closed on 21 November, solidifies the preservation of a vital supply link for businesses and communities across the region.
Marc Goodman, vice president and general manager of 7-Eleven Canada, said, “This transaction positions 7-Eleven well for continued growth in Canada, strengthening our already robust business in the country and bringing with it a range of long-term benefits for our stores by stabilising our supply chain. We feel confident that this acquisition will bring the maximum quality of service to our stores so that we can continue to serve our customers at the highest level.”
Pat Carey, chair and venture architect for Carey Management, added, “7-Eleven is a long-standing customer of Wallace & Carey and we’re excited to further strengthen our partnership. Wallace & Carey will continue its day-to-day operations as usual, and we expect to emerge from this process better positioned for the future.”
Financial terms of the deal were not disclosed.
