Tedeschi Food Shops Inc., one of the last remaining locally owned convenience store chains, is being acquired by giant 7-Eleven Inc.
Based in Rockland, Tedeschi has 182 stores in Massachusetts and New Hampshire and reported more than $600 million in revenue.
The chain will become part of 7-Eleven’s empire of 10,500 stores in North America alone.
The two companies have considerable overlap. 7-Eleven has 164 stores in the same markets as Tedeschi, but the companies did not say if the purchase would result in any stores being closed.
It was also unclear if the Tedeschi name would survive. 7-Eleven did not disclose many details in Monday afternoon’s announcement, including the purchase price, and both companies declined to comment further.
7-Eleven, based in Dallas, said the sale is expected to close in mid-2015 and that it intends to extend jobs to Tedeschi employees.
“Tedeschi is a respected brand and this acquisition fits in perfectly with 7-Eleven’s growth strategy,” Stan Reynolds, the chief financial officer of 7-Eleven, said in a statement.
7-Eleven is the largest convenience store chain in the United States. Worldwide, the company has more than 55,000 stores in 16 countries and reported more than $84 billion in sales.
In the past few years it has acquired a number of other small, regional convenience chains around the United States.
The sale of Tedeschi is the latest acquisition in the convenience store industry.
Late last year, Alimentation Couche-Tard Inc., of Canada, acquired The Pantry Inc. in a deal valued at $1.7 billion. The Pantry, based in Cary, N.C., operates the Kangaroo Express brand and more than 1,500 stores in 13 states. Couche-Tard operates more than 6,000 convenience stores in North America.
Tedeschi is a family-owned company that began in 1923 when founder Angelo Tedeschi started selling oils, cheeses, and other imported goods from his home on Belmont Street in Rockland. Early on, Angelo and his sons went into the supermarket business, opening their first large store in 1946 and riding the post-war boom to include six grocery stores by 1960.
The family’s last Tedeschi Super Market boasted such unusual amenities as shoe and jewelry repair services, a lounge for customers, and a community room with kitchen that it made available for free to local organizations.
But in 1961, the family sold the supermarkets to Stop & Shop, retaining the Tedeschi name. They went back into the grocery store business a few years later, opening Angelo’s Supermarket in Holbrook and then in 1972 acquiring the Curtis chain, which included both grocery stores and “compact food stores.” In 1986, the family elected to focus solely on the convenience business, renaming the smaller Curtis stores with the Tedeschi name, with a footprint largely in Southeastern Massachusetts.
The chain grew north and west of Boston in 1996 when it acquired the 64-store Li’l Peach convenience chain, then owned by Stop & Shop. Tedeschi later bulked up its Boston presence in 2002 and bought Store 24 Inc., an 80-store convenience chain in Waltham. The company eventually converted the Li’l Peach and Store 24 outlets to the Tedeschi name.
Angelo Tedeschi’s grandson, Peter D. Tedeschi, currently runs the company. Susan Tedeschi, the elder Tedeschi’s great-granddaughter, is a Grammy-winning blues artist and member of the Tedeschi Trucks Band.
Cumberland Farms, of Framingham, is the only other large-scale convenience store based in Massachusetts, with almost 600 outlets in eight states.Taryn Luna can be reached at email@example.com. Follow her on Twitter @TarynLuna.