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December 17, 2009
New Haven, Connecticut – December 17, 2009 – Woodbridge, LLC., is pleased to announce the sale of its client, New England Pantry, a company that operates 58 convenience stores under the White Hen Pantry brand, to 7-Eleven, Inc. New England Pantry was owned by affiliates of Sanders Morris Harris Group Inc., a Houston-based wealth management firm.
According to yesterday’s announcement by 7-Eleven, the acquisition significantly expands 7-Eleven’s presence in the greater Boston area, bringing the number of outlets 7-Eleven operates and franchises to more than 170.
“This acquisition significantly strengthens our convenience offering in greater Boston,” said Bob Cozens, vice president for 7-Eleven’s Northeast Division. “White Hen Pantry has a 40-year history of providing good customer service and high-quality products to consumers in the Boston area and we want to continue that tradition.”
Woodbridge Group brought New England Pantry to market in the fall of 2008. In spite of the challenging business conditions at the time, Woodbridge received several offers for the company, which had $65 million in annual sales, from a variety of strategic and financial buyers.
About 7-Eleven, Inc.
7-Eleven, Inc. is the largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses some 8,000 7-Eleven stores in North America. Globally, 7-Eleven operates, franchises or licenses more than 37,100 stores in 16 countries. During 2008, 7-Eleven stores worldwide generated total sales of more than $53.7 billion.
About Sanders Morris Harris Group
Sanders Morris Harris Group is a wealth management company that manages approximately $10.6 billion in client assets. Client assets include the gross value of assets under management directly or via outside managers and assets held in brokerage accounts for clients by outside clearing firms. Sanders Morris Harris has more than 600 employees in 21 states.
Woodbridge Group provides sell-side, buy-side, financing and distressed company mergers and acquisitions services to businesses with $5 million-$100 million in sales. The firm operates from 14 locations: Connecticut, New York, New Jersey, California, Massachusetts, Illinois, Georgia, North Carolina, Texas, Washington, D.C., the Netherlands, Canada, Brazil and Mexico.
Woodbridge, LLC., an international M&A firm, was founded in 1993 to provide divestiture and acquisition services to middle market companies.