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SANFORD, N.C. - Southeastern c-store chain the Pantry, Inc. said yesterday it's agreed to acquire 66 Petro Express convenience stores located in North Carolina and South Carolina. Financial terms weren't disclosed.
Pantry said the stores being acquired generated revenue of about $629 million for the 12 months ended in October. Pantry also noted the deal includes the wholesale fuels business of Carolina Petroleum Distributors of Charlotte, Inc.
The company said it expects the deal to close in the third quarter.
Separately, Pantry said yesterday it experienced "significantly lower gas margins" for its fiscal first quarter ended Dec. 28. The company expects to release results for the quarter on Jan. 25.