FEMSA to enter the Convenience Store Industry in the United States
01 Agosto 2024 - 9:40AM
Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the
“Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today that
it has entered into definitive agreements with Delek US Holdings,
Inc. (“Delek”) (NYSE: DK), to acquire Delek’s retail operations,
consisting of 249 convenience stores located mainly in Texas, for a
total amount of US$385 million dollars on a cash-free, debt-free
basis, including the purchase of inventories.
Delek’s Retail AssetsDelek is a
downstream energy company, with a focus on petroleum refining; its
retail operations are being carved out for this transaction.
Operating under the DK brand, approximately 90% of Delek’s
convenience stores are in the state of Texas, with the remaining
sites located mostly in New Mexico and a small presence in
Arkansas. Almost all stores have a gas station under the DK and
Alon fuel banners; the transaction also includes a small fuel
transportation fleet.
Transaction RationaleWith a
total addressable market of more than US$850 billion, over 150,000
locations, and significant fragmentation, the US convenience and
mobility market is attractive for operators with the right
capabilities and sufficient scale. For FEMSA, this market offers
high strategic fit, and presents an opportunity to build a platform
that, over time, has the potential to achieve scale and create
shareholder value. The Delek stores have the right set of
attributes to be FEMSA’s first step on this journey, in terms of
size, geographical footprint, and possibilities for extensive
experimentation, testing, and fine-tuning of the Company’s
convenience value proposition.
Through OXXO, FEMSA has built considerable
experience and expertise developing core retail capabilities for
store expansion, procurement, supply chain, segmentation, and
pricing, and these capabilities will be invaluable as the Company
launches and pursues its US convenience strategy. While the
strategy is ultimately broader than any single region or target
demographic, the appeal of the OXXO brand may be relevant in
certain markets served by the DK stores.
José Antonio Fernández Garza-Lagüera, CEO of
FEMSA’s retail operations, commented:“At FEMSA, we have a long-held
ambition to enter the US convenience and mobility industry, and
this transaction represents the ideal way for us to take our first
step in this compelling market. We have been building and expanding
our retail operation in Mexico for over 45 years, eventually
reaching ten other countries in South America and Europe, and a
store base of more than 30,000 locations. As we welcome our new DK
colleagues into the FEMSA family, we are excited to embark on this
new and important journey together.”
Avigal Soreq, President, and Chief Executive
Officer of Delek, said, “The sale of Delek US Retail to FEMSA
is an incremental step in our commitment to unlock the sum of the
parts value inherent in our system. We are pleased with this
transaction and expect to execute on additional steps to unlock
value for our stakeholders. Importantly, it allows us to gain
a competitive partner for ongoing and expanded retail fuel sales.
We look forward to building on this partnership with FEMSA in both
the short and long-term. The transaction creates an exciting
opportunity for Delek US Retail and its employees as they become
part of FEMSA’s growth strategy in the United States.”
The transaction is subject to customary
regulatory approvals and is expected to close during the second
half of 2024.
About FEMSAFEMSA is a company
that creates economic and social value through companies and
institutions and strives to be the best employer and neighbor to
the communities in which it operates. It participates in the retail
industry through a Proximity Americas Division operating OXXO, a
small-format store chain, and other related retail formats, and
Proximity Europe which includes Valora, our European retail unit
which operates convenience and foodvenience formats. In the retail
industry it also participates though a Health Division, which
includes drugstores and related activities and Digital@FEMSA, which
includes Spin by OXXO and Spin Premia, among other digital
financial services initiatives. In the beverage industry, it
participates through Coca-Cola FEMSA, the largest franchise bottler
of Coca-Cola products in the world by volume. Across its business
units, FEMSA has more than 392,000 employees in 18 countries. FEMSA
is a member of the Dow Jones Sustainability MILA Pacific Alliance,
the FTSE4Good Emerging Index and the Mexican Stock Exchange
Sustainability Index: S&P/BMV Total México ESG, among other
indexes that evaluate its sustainability performance.
About Delek US Holdings,
Inc.Delek US Holdings, Inc. is a diversified downstream
energy company with assets in petroleum refining, logistics,
pipelines, renewable fuels and convenience store retailing. The
refining assets consist primarily of refineries operated in Tyler
and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs,
Louisiana with a combined nameplate crude throughput capacity of
302,000 barrels per day. Pipeline assets include an ownership
interest in the 650-mile Wink to Webster long-haul crude oil
pipeline. The convenience store retail segment operates
approximately 250 convenience stores in West Texas and New
Mexico.The logistics operations include Delek Logistics Partners,
LP (NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented
master limited partnership focused on owning and operating
midstream energy infrastructure assets. Delek US Holdings, Inc. and
its subsidiaries owned approximately 72.6% (including the general
partner interest) of Delek Logistics Partners, LP as of June 30,
2024.
Investor Contact
(52) 818-328-6000
investor@femsa.com.mx
femsa.gcs-web.com
Media Contact
(52) 555-249-6843
comunicacion@femsa.com.mx
femsa.com
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