7-Eleven returning to San Antonio, buys oil assets built by the late Tom Turner
For the first time in more than twenty years, the 7-Eleven sign will be seen in San Antonio.
1200 WOAI news reports the Dallas based company is buying the assets of TETCO, Inc, the San Antonio based oil company founded sixty years ago by the late Tom Turner.
7-Eleven will purchase TETCO’s gas stations, and will begin remodeling them and converting them into Seven Elevens after the deal closes in November.
The purchase price for the deal was not disclosed.
7-Eleven is also purchasing TETCO’s wholesale distribution network, which is the bulk of TETCO’s operations.
7-Eleven will acquire convenience stores across Texas and in Utah under the deal.
“The combination of TETCO’s retail and wholesale operations will make this 7-Eleven’s largest acquisition since the company accelerated its growth plan four years ago,” said Stan Reynolds, 7-Eleven executive vice president. “The assets we are purchasing are quality sites that complement our existing store operation along the I-35 corridor. Plus, we are fortunate to work with seasoned convenience and fuel business people that are joining us from TETCO.”
The agreement means the end of an era in San Antonio. Tom Turner moved to San Antonio in the late thirties looking for work, and went to work at a gas station owned by Sigfried Moore. Over the years, Turner purchased gas stations, creating the Sigmor Stations empire, using the name of his first boss.
Turner was the first gas station owner in Texas to implement self service pumps. He started Mission Petroleum Carriers, and expanded his gas station empire to become Sigmor Shamrock, eventually Diamond Shamrock, and the foundation of Valero’s retail network.
TETCO stands for Tom E. Turner Company. The sale covers TETCO's retail and wholesale assets only, not related companies.
The acquisition will also return the 7-Eleven brand to San Antonio for the first time since 1989.
The company says 7-Eleven will begin remodeling and rebranding the bulk of TETCO’s service and convenience stores, and will begin adding popular 7-Eleven branded products, including coffee, Big Bite hot dogs, and Slurpee and Big Gulp drinks.