You are here
SANFORD, N.C. - The Pantry, Inc., the leading independently operated convenience store chain in the southeastern U.S., said yesterday it has signed a definitive agreement to acquire 16 Angler's Mini-Mart convenience stores in the Charleston, S.C. market. The stores generated revenues of approximately $73 million in 2005.
Separately, the company said it recently signed definitive agreements to acquire two additional stores, one in Sanford, N.C. and the other in Columbiana, Ala.
"These agreements are all strategic 'tuck-in' transactions that complement our existing store base and are expected to be immediately accretive to our earnings per share," said chairman and c.e.o. Peter J. Sodini in a statement. "They bring the number of stores we have acquired or agreed to acquire so far in fiscal 2007 to 33."
The transactions are subject to regulatory approvals and other customary closing conditions. They are expected to close in the company's second fiscal quarter, and will be financed with a combination of cash on hand and lease financing. Terms were not disclosed.
The Pantry currently operates 1,493 stores in 11 states under select banners, including Kangaroo Express, its primary operating banner.