7-Eleven Canada announced today that it has acquired certain assets of Calgary-based food distributor Wallace & Carey Inc. ("W&C") under a sale proceeding conducted pursuant to the Companies' Creditors Arrangement Act ("CCAA"). The assets included in the transaction are in British Columbia and Alberta.
7-Eleven has also agreed to provide a transition service agreement to purchase exclusively from W&C, acquire lease facilities and has provided W&C with working capital to support its return to a stable operating position across Canada. This transaction, which closed today, will ensure an important supply link to businesses and communities across the region is maintained.
"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 stabilizing our supply chain" said Marc Goodman, Vice President and General Manager of 7-Eleven Canada. "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."
"7-Eleven is a long-standing customer of Wallace & Carey and we're excited to further strengthen our partnership," said Pat Carey. "Wallace & Carey will continue its day-to-day operations as usual, and we expect to emerge from this process better positioned for the future."
Calgary-based food distributor Wallace & Carey Inc., along with its parent company, Carey Management Inc., filed for creditor protection in June 2023 under CCAA. The century-old family-owned company is one of Canada's largest independent distribution firms.