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SANFORD, N.C. -- The Pantry Inc., a convenience store chain based here, has bought 19 outlets from competitor Lee-Moore Oil Co. Terms of the transaction were not disclosed.
The stores, which Sanford-based Lee-Moore operated under the TruBuy and On-The-Run banners, generated total revenue of about $66 million in 2004.
The acquisition included various dealer fuel supply arrangements for 20 more stores. All of the acquired stores and dealer fuel supply locations sell Exxon or Mobil gasoline brands, and have been transferred to the Pantry's recently executed branding and fuel supply agreement with Exxon Mobil Oil Corp.
The acquisition, which is expected to be immediately accretive to company's earnings per share, was financed with cash on hand and seller lease financing.