Two Australian billionaire families have sold the country's 7-Eleven stores to its Japanese parent company.
The Withers and Barlow families, who are related, sold the 752 Australia 7-Elevens to 7-Eleven International LLC, 7IN, for $1.7 billion after putting it on the market earlier this year.
In a statement, Russell Withers, former chairman of 7-Eleven Australia, said: “The Withers and Barlow families have had a proud association with the 7-Eleven brand since we brought it to Australia in 1977.
'From a single store in suburban Melbourne, 7-Eleven has grown to a network of more than 750 stores across Victoria, New South Wales, ACT, Queensland and Western Australia, processing 250 million transactions annually and employing more than 9,000 people operate all over the world. corporate and franchise network.
The Withers and Barlow families have sold 7-Eleven's 752 Australian locations for $1.7 billion
“This is the right time for our families to transfer the business to new owners to continue building and developing this wonderful brand.”
According to The Australian's 2023 Rich 250the Withers and Barlow families are the 62nd richest in Australia, with an estimated wealth of $2.11 billion.
The families also own the Australian branch of Starbucks.
Mr Withers stepped down as chairman of 7-Eleven in 2015 after it emerged that franchisees were underpaying staff.
The company has since returned $173.6 million in wages, interest and pensions to 4,043 employees.
In less than 50 years, 7-Eleven has managed to capture 32 percent of the Australian supermarket market.
However, there are currently no 7-Eleven stores in Tasmania, the Northern Territory or South Australia.
The branch's new owner, 7IN, plans to open another 35 stores next year.
7-Eleven stores in Australia will soon be owned by its Japanese parent company, 7-Eleven International LLC
7-Eleven Australia CEO Angus McKay admitted the cost of living has led to customers spending less in stores, but footfall has remained consistent.
In the financial year to June 30, 2023, 7-Eleven Australia earned $85.1 million before tax, up from the $36.6 million it generated last year.
The deal is subject to regulatory approval and is likely to close in the second quarter of 2024.